FIA nabs two suspects involved in dollar hoarding

F.P. Report

LAHORE: Federal Investigation Authority (FIA) on Sunday apprehended at least two suspects allegedly involved in dollar hoarding and money laundering.

Sources privy to the FIA told media that the arrested suspects include Hassan Ghulam Ghous and Umer Dar.

The arrested accused were involved in dollar hoarding which led to the devaluation the rupee.

Sources said that six teams of the FIA conducted raids at money exchanges in Lahore, checked the record and confiscated dollars worth billions of rupees.

Cases were registered against the accused and investigation was also underway.

On the other hand, the ministry of interior carried out raids at various money exchanges and seized currency worth billions of rupees.

Six raiding teams had been formed on the directions of the minister for interior to carry out action against those involved in dollar hoarding and money laundering.

Earlier, Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain had said the government has directed the Federal Investigation Agency (FIA) to launch a full- fledged operation against dollar hoarding, and speculative currency trade.

Fawad Chaudhry in a tweet said the operation was being launched in coordination with State Bank and Ministry of Finance.

The annoucement came few hours after Finance Minister Asad Umar said that no further rupee devaluation is likely and rumours should not be spread as they damage the market.

Addressing a gathering at the Pakistan Stock Exchange through video link, the finance minister said economic stability is government’s foremost priority.

He maintained that companies with large setups are present in Pakistan but they are only fulfilling the domestic needs. The collective value of Pakistan’s economy is $300 billion, he said.

The finance minister stated that we have to transform our laws for international investments. Economic stability requires practical steps and the incumbent government is working hard to achieve the goals, he added.

Asad Umar urged the industrialists to invest in the market and advised all to not waste money by buying dollars.