Foreign currency
ISLAMABAD: Amidst an ongoing nationwide crackdown, the Federal Investigation Agency Lahore recovered foreign currency from hoarders. The agency recovered foreign currency exceeding Rs15 million and Rs68.1 million in two raids.
The FIA took into custody three suspects, Mazhar Shafqat, Zeeshan, and Salman, from Circular Road in Lahore.
Concurrently, law enforcement teams are executing raids to apprehend the prime suspect, Azhar Shafqat.
From the suspects, the FIA actively seized $4,655, 16,015 Euros, 17,740 UAE Dirham, 49,362 Saudi Riyal, 790 Canadian dollars, 2,650 Turkish Lira, and 4,880 British Pounds.
The suspects had been running currency dealings unlawfully after their exchange license had been revoked. Initially, they had operated in the currency market through the Omega Money Exchange.
On September 10, during an intensified crackdown against currency hoarders, the FIA Multan proactively recovered SR100,000 from a suspected currency smuggler named Mohammad Aleem.
The operation took place at the Ghazi Ghat check-post in Punjab, as Aleem, a resident of Okara, Punjab, was en route to Quetta.
As the value of the dollar witnessed a significant increase, authorities initiated a robust crackdown against those hoarding dollars.
Meanwhile, the State Bank of Pakistan and FIA have rejected reports concerning the scanning of bank lockers to trace dollars.
Nationwide crackdowns continue
Meanwhile, the caretaker government’s crackdown against the smuggling and hoarding of the US dollar and sugar yielded much awaited results. The value of the US dollar and sugar has significantly dropped in the country.
On Tuesday, the dollar-rupee exchange rate in the open market fell to 298 rupees as against 333 rupees a week ago. It shows a huge decline of 35 rupees in the value of the dollar against Pakistani currency in open market trading.
In the inter-bank, the greenback, nonetheless, stayed around 300 rupees, down from 307 rupees a few ago.
Meanwhile, the value of sugar has declined to 150 rupees per kg, from 190 to 200 rupees/kg a week ago.
During the week-long crackdown, the law enforcement officials have seized foreign currency, and bags full of sugar and also arrested smugglers and hoarders. The retailers who were minting money through artificial price-hikes have ended this exploitation of customers.
The government has announced cash rewards for citizens who would provide information about the foreign currency smuggling and hoarding.
To facilitate this, the Federal Investigation Agency (FIA) and the Ministry of Interior set up a toll-free number.
