QUETTA: In a move against illicit financial networks, the Federal Investigation Agency (FIA) conducted a successful raid in Quetta this past Saturday, leading to the arrest of two individuals allegedly operating a large-scale, unlicensed currency exchange and hawala ring. The operation resulted in the seizure of a substantial amount of local and foreign cash, striking a blow to underground financial activities in the provincial capital.
According to an official statement released by the FIA Balochistan spokesperson, the targeted operation was launched based on credible intelligence regarding illegal financial transactions. The raid culminated in the apprehension of two suspects, identified as Muhammad Musa and Muhammad Ali. Upon their arrest, authorities recovered a significant haul of currency, including $6,100 in US dollars and over 4.35 million Pakistani Rupees (PKR) from their possession.
Preliminary investigations by the FIA have uncovered that the accused were running a sophisticated illegal operation. They were operating a currency exchange business without any license from the State Bank of Pakistan, flouting the country’s financial regulations. More critically, the duo was found to be actively engaged in facilitating illegal hawala and hundi transactions. These informal value transfer systems are often used to move money across borders without leaving a formal paper trail, and they are frequently associated with money laundering, terror financing, and tax evasion.
Beyond the cash, FIA officials also confiscated key pieces of evidence, including mobile phones and other documents believed to contain records of their illicit financial dealings. These items are expected to play a crucial role in the ongoing investigation, potentially revealing a wider network of clients and associates involved in the illegal transfers.
A formal case has been registered against Muhammad Musa and Muhammad Ali under relevant laws, including the Foreign Exchange Regulation Act. The two are currently in custody as the FIA continues its probe to uncover the full extent of their operations, including the origins and intended destinations of the seized funds and any possible connections to larger criminal or terror financing networks. This operation underscores the agency’s continued focus on dismantling illegal financial pipelines that undermine the country’s formal economy and security.
