KARACHI: Federal Investigation Agency (FIA) has arrested five individuals allegedly involved in an illegal Hawala operation following series of raids in Shaheed-e-Millat Road, Garden West, and Sharfabad area.

Arrests were made after FIA’s Corporate Crime Circle executed operations against underground money transfer network, also known as ‘Hawala’. Agency seized over Rs 20.5 million in cash and range of other valuables, including prize bonds, cheques, mobile phones and computers.

In first raid at Shaheed -e-Millat Road, FIA apprehended Asif Ashraf, owner of travel agency, and Shayan Waheed, Hawala dealer.

Operation led to confiscation of Rs 20.25 million in cash, several mobile phones, laptop and documents detailing illegal Hawala transactions.

Subsequent raids were conducted in Garden West and Sharfabad areas, under judicial orders, where FIA agents recovered 117 cheques, prize bonds worth Rs 61,000, Rs 4.7 million in cash, two laptops, two computers, seven mobile phones and detailed ledgers.

Three more suspects-Muhammad Owais, Aqeel Sameer and Javed were arrested during operation.

According to FIA sources, suspects were involved in Hawala operations using third-party payments, settlements and transactions through shell companies.

These methods bypassed formal financial channels to move money internationally, a practice that is illegal in Pakistan.

FIA has launched an investigation into network’s operations, with plans to expand probe to other regions involved in similar activities.

Authorities continue to target such illicit networks as part of their efforts to curb growing misuse of informal financial systems.

Published in The Daily National Courier, November, 08 2024

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