PESHAWAR:The Federal Investigation Agency (FIA) has stepped up its crackdown on illegal currency operations in Peshawar, convicting a suspect in a foreign exchange case and seizing Rs. 18.4 million allegedly linked to illegal hawala-hundi activities in a separate operation.
The FIA Composite Circle Peshawar secured the conviction of Bakht Muhammad in FIR No. 29/2022, registered on Feb. 10, 2022, under Sections 4, 8 and 23 of the Foreign Exchange Regulation Act, 1947.
The Additional Sessions Judge-VII (FERA Tribunal), Peshawar, convicted Muhammad after finding him guilty and sentenced him to a Rs. 5,000 fine. The court also ordered the forfeiture of 120,000 Saudi riyals.
In a separate action against illegal hawala-hundi activities, FIA officials conducted a raid in Chowk Yadgar, Peshawar, against a person allegedly involved in the unauthorized money-transfer business.
During the operation, officials recovered and seized Rs. 18.4 million in Pakistani currency from the suspect. A mobile phone and other documents allegedly linked to the illegal hawala-hundi business were also recovered.
The FIA said the seized cash, mobile phone and documents have been taken into custody for further investigation. Authorities are examining the evidence to trace the wider hawala-hundi network and identify other individuals allegedly involved.
The agency said action against those involved in illegal currency transfers and violations of foreign exchange laws will continue without discrimination.
The latest actions reflect the FIA's continued efforts to curb unauthorized currency transactions and enforce Pakistan's foreign exchange regulations.
