FIA raids forex company, arrests CEO

* Two directors of company also arrested * Suspects used fraudulent commercial telegraphic transfers through banksAaj Kal ReportLAHORE: The Federal Investigation Agency (FIA) has raided a franchise of a foreign exchange company in Japan Centre and arrested the company’s chief executive officer and two directors (Dollar Inn). Under directions from FIA Punjab Director Muhammad Azam Joiya, FIA’s crime circle team conducted a raid in the supervision of deputy director crime circle. Sources said the agency had conducted the raid upon confessions by those who had been earlier arrested.The raid on the franchise resulted in arrests of Chief Executive Officer Shoaib Ahmad Butt and two directors, Waseem Ahmad and Zeeshan Aslam Butt. They have been charged of transferring more than Rs 2 billion to foreign countries illegally. FIA has also sealed the office and taken the record into custody. Fraudulent transfer: It is reported that the suspects used fraudulent commercial Telegraphic Transfer (TT) and hawala/hundi through different banks including Citibank Garden Town and Alfalah building branch and Dubai Islamic bank, Circular road branch. The team recovered documental record of the money sent abroad through illegal means revealing large amounts that were sent to China, Dubai, Singapore, Spain, Germany, Australia and Belgium while most of the money was transferred to Britain and United Arab Emirates through hawala/hundi.The officials have claimed to have found solid evidence and are also checking the accounts of suspects in other banks to know the amounts that have been transferred using these accounts. Investigators have told that false information was provided to banks for the transfer of these funds. The State Bank of Pakistan was also not informed about these transfers and most of the money was electronically transferred through mobile and Internet to keep the State Bank of Pakistan and Western Union uninformed of this illegal activity.The raiding party has also taken custody of a number of photocopies of identity cards of different people from the office that were misused. FIA will contact these people and verify the number and amount of money they have transferred themselves.