KARACHI, October 14, 2026: The Federal Investigation Agency (FIA) has arrested five people, including a private bank branch manager, during a raid on a bank branch in Federal B Area, Block 4, Karachi, over alleged involvement in illegal currency exchange and hawala-hundi transactions.
According to an FIA spokesperson, the FIA Anti-Corruption Circle Karachi conducted the operation under inquiry No. 107/2026. The arrested suspects were identified as Farhan Ahmed, Faisal Ahmed, Kashif Alvi, Muhammad Naseem and Junaid Ahmed. Kashif Alvi is the branch manager of the private bank.
The FIA said the suspects were allegedly involved in illegal currency exchange and hawala-hundi operations.
During the raid, officials recovered 300,000 Saudi riyals in cash, seven smart devices, mobile phones and cheque books belonging to various banks.
According to the agency, mobile phones recovered during the operation allegedly contained WhatsApp conversations linked to a hawala-hundi network, digital ledgers and evidence of financial transactions.
The seized cash, mobile phones and other records have been taken into custody under a seizure memo, the FIA spokesperson said.
Officials said further investigations are underway to identify other individuals allegedly involved, trace the sources of financial transactions and establish the possible role of facilitators.
The FIA is also proceeding with the registration of a case against the suspects under the Foreign Exchange Regulation Act and other relevant laws.
The allegations against the arrested individuals remain subject to investigation.