The Federal Investigation Agency (FIA) has arrested five people, including a private bank’s branch manager, over an alleged illegal currency exchange and hawala-hundi operation in Karachi.
The FIA’s Anti-Corruption Circle raided the bank’s branch in Federal B Area’s Block 4 under inquiry number 107/2026, according to an agency spokesperson.
Those arrested were identified as Farhan Ahmed, Faisal Ahmed, Kashif Alvi, Muhammad Naseem, and Junaid Ahmed. Alvi was identified as the branch manager. The allegations concern the arrested individuals; the statement did not establish that the bank itself operated the network.
Officials said they recovered 300,000 Saudi riyals in cash, seven smart devices and mobile phones, and checkbooks from various banks.
According to the FIA, the phones allegedly contained WhatsApp conversations, digital ledgers, and financial transaction records linked to the suspected hawala-hundi network. The cash, devices, and other records were formally seized.
Investigators are examining the sources of the transactions and attempting to identify other people and possible facilitators connected to the alleged operation.
The spokesperson said proceedings were underway to register a case under the Foreign Exchange Regulation Act and other applicable laws. The allegations have not been proven in court.
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