Crackdown on money-changers

LAHORE/KARACHI-In a countrywide crackdown against the persons involved in illegal business of foreign currency transfer and Hundi, FIA Crime Wing arrested three dealers including the big fish Javed Khanani allegedly involved in the same business and recovered foreign currency and electronic devices used by him in the business, disclosed an officer of Cyber Crime Wing here on Saturday.

Munaf Kalia, Chief Executive Officer of Khanani and Kalia International (KKI), leading exchange company in Pakistan, has been arrested from Karachi and is being interrogated, for illegal transfer of billions of US dollars abroad, a move taken at a time when the country is facing balance of payment crisis.

An FIA official taking part in the crackdown said that Javed was arrested from Gujranwala and brought to Lahore alongwith his two companions for further interrogation.

‘We have registered a case under Foreign Currency Regulation Act 1974 and Electronic Transaction Ordinance (ETO) against the accused’, he claimed.

He said that it was only the start as more raids would be conducted in days to come to curb this illegal business which was harmful to country.

He said that accused were involved in sending huge amount of US dollars out of the country causing balance of payment problems in the country.

He was of the view that though it was the job of State Bank of Pakistan to regulate the financial market but it seemed as if the SBP had surrendered before such elements that is why Federal govt was directing FIA to start action against such elements.