ID :
29214
Sat, 11/08/2008 - 23:16
Auther :
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https://oananews.org//node/29214
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Pak foreign exchange company head arrested
Islamabad, Nov 8 (PTI) The C.E.O. of Pakistan's largest foreign exchange company was arrested Saturday along with three other persons for allegedly laundering of billions of dollars out of the country.
Munaf Kalia, C.E.O. of Khanani and Kalia International, and three other foreign exchange dealers were arrested Saturday morning by the Federal Investigation Agency (F.I.A.).
The arrests were made following an investigation conducted by intelligence agencies and the cyber crimes and economic crimes wings of the F.I.A.
The F.I.A. also took into custody 10 employees of the
National Database and Registration Authority, which maintains
the government's databases and computer networks, for alleged
involvement in the racket, state-run A.P.P. news agency
reported.
Official sources were quoted by T.V. channels as saying
that Kalia and the other arrested persons had allegedly
transferred billions of dollars out of Pakistan through the
Internet.
Geo News channel reported that up to USD 10 billion may
have been laundered out of the country.
Authorities conducted raids in Gujranwala, Lahore and the
southern financial hub of Karachi before making the arrests.
Sources said the activities of Kalia and the others were being
monitored by intelligence agencies over the past few months.
The Pakistani rupee recently hit an all-time low of Rs 84
to the U.S. dollar. Despite the economic crisis being faced by
Pakistan, experts had said speculation could have been one of
the reasons for the sharp devaluation of the rupee.
The State Bank of Pakistan too had warned foreign
exchange companies against involvement in illegal activities.
Reports said all money exchange outlets of Khanani and
Kalia International had been closed and sealed.
The Forex Association of Pakistan convened an emergency
meeting to discuss the arrest of Kalia and the other dealers.
Khanani and Kalia International initiated the diversified
currency exchange business in Pakistan and has emerged a
leader in this field.
The Kalia group of companies also has interests in
finance, including prize bonds, trading, imports, exports and
information technology. PTI
Munaf Kalia, C.E.O. of Khanani and Kalia International, and three other foreign exchange dealers were arrested Saturday morning by the Federal Investigation Agency (F.I.A.).
The arrests were made following an investigation conducted by intelligence agencies and the cyber crimes and economic crimes wings of the F.I.A.
The F.I.A. also took into custody 10 employees of the
National Database and Registration Authority, which maintains
the government's databases and computer networks, for alleged
involvement in the racket, state-run A.P.P. news agency
reported.
Official sources were quoted by T.V. channels as saying
that Kalia and the other arrested persons had allegedly
transferred billions of dollars out of Pakistan through the
Internet.
Geo News channel reported that up to USD 10 billion may
have been laundered out of the country.
Authorities conducted raids in Gujranwala, Lahore and the
southern financial hub of Karachi before making the arrests.
Sources said the activities of Kalia and the others were being
monitored by intelligence agencies over the past few months.
The Pakistani rupee recently hit an all-time low of Rs 84
to the U.S. dollar. Despite the economic crisis being faced by
Pakistan, experts had said speculation could have been one of
the reasons for the sharp devaluation of the rupee.
The State Bank of Pakistan too had warned foreign
exchange companies against involvement in illegal activities.
Reports said all money exchange outlets of Khanani and
Kalia International had been closed and sealed.
The Forex Association of Pakistan convened an emergency
meeting to discuss the arrest of Kalia and the other dealers.
Khanani and Kalia International initiated the diversified
currency exchange business in Pakistan and has emerged a
leader in this field.
The Kalia group of companies also has interests in
finance, including prize bonds, trading, imports, exports and
information technology. PTI
