PESHAWAR: The FIA Commercial Banking Circle conducted a raid on a currency exchange outlet over its alleged involvement in ‘Hawala Hundi’ business and illegal currency trading. According to a handout issued by the FIA that Deputy Director Commercial Banking Circle, Peshawar Afzal Khan Niazi constituted a special teams to conduct raids in Swat. The team during the raids in Swat arrested a person identified as Amjid, Karim Ullah , and Adnan and recovered 40216, 5000, and 500 Saudi Riyal respectively. Accused was doing illegal business of currency Smuggling and parallel banking without any legal authority license. They have committed crime by violating Foreign Exchange Regulation Act 1947. The case is being registered accordingly and investigation is in progress Our Correspondent
