F.P. Report
PESHAWAR: A crackdown against illegal forex trade was launched in Khyber Pakhtunkhwa following reports of an artificial hike in the US dollar in Peshawar where 45 such shops were closed on charges of illegal trade.
To curb illegal forex trade and smuggling of US dollars, the Federal Investigation Agency has raided multiple shops in Chowk Yadgar Peshawar and closed more than 45 shops there.
Officials in FIA said the crackdown on illegal forex trade and US dollar smuggling was launched by the FIA’s Commercial Banking Circle. Peshawar police and other law-enforcement agencies assisted FIA during the crackdown.
The currency shops operating in the provincial capital without obtaining licences from the State Bank of Pakistan had been closed. FIA has carried out more than 27 raids in the last 23 days leading to the arrest of 28 people for doing hundi-hawala business.
Meanwhile, the lists of foreign currency dealers involved in the sale and purchase of dollars on a large scale at the national and international levels have been prepared so that strong action could be taken against dollar mafia and illegal forex trade elements.
The list of currency dealers at Chowk Yadgar, the main hub of dollars and other currency exchange trade, was also compiled. The financial details of dollars and illegal forex trade mafia were also collected from banks.
Information regarding vehicles used by dollar hoarders was obtained from the Excise Department, their children education’s expenses from private schools and property in the name of families from the Peshawar Development Authority and other housing societies. (APP)
