The Federal Investigation Agency (FIA) has arrested two suspects in Lahore and confiscated 40 million rupees worth of coins.
The two suspects were identified as Ghulam Hassan Dar Ghous and Umar and were accused of building up US dollars and money laundering as speculative trading currency gained momentum.
FIA Arrests Two for Monopoly of Millions in US Dollars to Devalue the Rupee
The FIA and six-team set-up, which exchanged raids simultaneously for all money in Lahore and inspected its records and, after an investigation, arrested the two suspects.
During the action, according to the press release, it held the currency “billions of rupees” of DD exchange company Lahore.
Recently, information minister Fawad Chaudhry announced on Twitter that the government ordered the FIA to launch a comprehensive operation against dollar hoarding and speculative currency trading. The operation starts in collaboration with the state bank and the Ministry of Finance.
Dollars accumulated to weaken the rupee in the market. This action caused an artificial demand for dollars and its rate increased artificially.
The action was taken following the instructions of Mohammad Waqar Abbasi, director of Punjab Zone I Lahore FIA, which instructed the authorities to act strictly against those involved in the collection of dollars, money laundering, dogs / Hawala ( transfer illegal money) and “illegal profit” related to the weakening of the Pakistani rupee, the Interior Ministry said in a press release.
According to the State Bank, there was no law to arrest a person for buying dollars or to maintain foreign currency as an investment, but as an institution involved in hedging currency to manipulate the exchange rate, can be investigated.
In an interview with a media outlet, the president of the Association of Forex Pakistan, Malik Bostan, currency traders say voluntarily decided to stop selling US dollars and other foreign currency hoarders and speculators to bring stability to the US dollar. rupee in the open market.
They will sell dollars alone to people who want to spend on medical care, education and travel abroad.
On Friday, Finance Minister Asad Umar, excluding any further weakening of the rupee, which lost about 25 percent of its value over the past year, encourages people to invest in the stock market and not to lose money buying dollars.