After the Khanani and Kalia International (Pvt) Ltd another major foreign exchange company is being investigated for its alleged involvement in what is being described as the illegal flight of capital from Pakistan.
The Federal Investigation Agency has written to the State Bank to immediately suspend the licence of Zarco forex for undertaking illegal transactions through hawala and hundi. Zarco had been doing illegal transactions since February this year.
The FIA raided the firm’s offices in Lahore on Saturday and seized the record and computers besides arresting Mansoor Kanwar, the head of its IT Department.
He said the FIA could not stop its branches from doing business as it came within the ambit of the SBP.
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