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KARACHI: The Federal Investigation Agency’s (FIA) Corporate Crime Circle raided a jewellers shop in Karachi and uncovered an illegal currency exchange ring operating early Thursday morning.
During a raid in a shop in Clifton Block 6, FIA seized $40,000 and Rs2.3 million and arrested two individuals involved in the unlawful exchanging of gold and Pakistani currency for foreign currency.
FIA Karachi Director Nauman Siddiqui revealed that the arrested suspects have been identified as shop owner Mumtaz Shaukat and his associate Khalid Ayub.
The suspects reportedly engaged in the buying and selling of foreign currency and gold without the necessary licenses, violating financial regulations, FIA officials said.
FIA authorities confirmed that a case has been registered against them, and investigations are underway.
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