FIA crackdowns on illegal forex business, huge quantity of currency seized

PESHAWAR: The Federal Investigation Agency (FIA) has initiated a series of coordinated operations in Khyber Pakhtunkhwa, in collaboration with local law enforcement agencies, targeting illegal foreign currency trade, smuggling, and money laundering syndicates.

The latest crackdown has resulted in several high-profile actions across multiple cities, including Peshawar, aimed at dismantling these illicit networks.

In a significant development, FIA conducted a major operation in Peshawar’s renowned Yadgar Market on Thursday, where approximately 200 shops were sealed.

The operation comes in the wake of recent actions taken by the State Bank of Pakistan against individuals suspected of being involved in illegal dollar and foreign currency trade across Peshawar and other cities.

According to sources, FIA’s Commercial Banking Circle in Peshawar, in collaboration with local police, apprehended numerous individuals over the past few days, who allegedly engaged in unlawful activities related to foreign currencies.

Recoveries made during these arrests include a significant haul of foreign currency and dollars, valued at over 100 million rupees.

As per data from FIA’s Commercial Banking Circle Peshawar, in the last two years alone, the agency has apprehended 547 individuals involved in dollar smuggling and other illegal foreign currency trade, resulting in the recovery of a staggering 1.71 billion rupees worth of foreign currencies.

Adeel Khan Niazi, Deputy Director of FIA’s Commercial Banking Circle Peshawar, told HUM News English that the majority of the cases related to illegal foreign currency trade in Khyber Pakhtunkhwa have links to the Middle East, particularly Afghanistan and Dubai.

He further explained that most of the dollar smuggling activities occur along the Afghanistan border, and the primary responsibility for curbing dollar smuggling at border crossings lies with the Customs Department, while FIA’s role typically extends to immigration matters.

The recent crackdown on illegal foreign currency trade and smuggling represents a significant move by the authorities to clamp down on these illegal activities, protecting the country’s economy and financial stability.

As investigations continue and more details emerge, it remains to be seen how these developments will impact Pakistan’s financial landscape and whether more individuals involved in such activities will be brought to justice.