Over Rs 2.5 crore seized, along with cheques, prize bonds, and electronic devices in crackdown on underground money transfer network.
KARACHI: The Federal Investigation Agency (FIA) has arrested five individuals linked to an illegal Hawala operation following a series of raids across Karachi’s Shahid Millat Road, Garden West, and Sharfabad areas. The operation targeted an underground money transfer network, known as ‘Hawala,’ which bypasses formal financial systems to move money internationally.
The FIA’s Corporate Crime Circle executed the raids, seizing more than Rs 2.5 crore in cash, along with a variety of valuable items, including prize bonds, cheques, mobile phones, laptops, and computers.
The first raid at Shahid Millat Road led to the arrest of Asif Ashraf, the owner of a travel agency, and Shayan Waheed, a Hawala dealer. Authorities confiscated Rs 2.25 crore in cash, multiple mobile phones, a laptop, and detailed records of illegal Hawala transactions.
Further raids in Garden West and Sharfabad resulted in the recovery of 117 cheques, prize bonds worth Rs 61,000, Rs 47 lakh in cash, two laptops, two computers, seven mobile phones, and ledgers. During these operations, three additional suspects — Mohammad Owais, Aqeel Sameer, and Javed — were apprehended.
FIA sources confirmed the suspects’ involvement in illicit financial transactions via third-party payments and shell companies, which is illegal in Pakistan. The agency has now launched a full investigation and plans to extend the probe to uncover similar networks in other regions.
The FIA’s actions are part of ongoing efforts to dismantle informal financial systems that facilitate money laundering and other illegal financial activities.
