Karachi (HRNW)- FIA State Bank Circle Karachi has seized millions of Iranian rials and cash while taking action against illegal foreign currency dealers in Karachi.
According to the FIA spokesperson, the operation was conducted on the instructions of Director FIA Karachi Zone Muntaz Mehdi and supervised by the Deputy Director of FIA State Bank Circle Karachi. The FIA team carried out a raid in the Kharadar area where accused Muhammad Hanif, son of Umar Farooq, was arrested for allegedly being involved in the illegal buying and selling of foreign currency.
During the raid, officials recovered Rs 3.7 million in cash along with 940 million Iranian rials from the possession of the accused. According to the FIA, the accused admitted during the initial investigation that he was operating an illegal currency exchange business without authorization from the State Bank of Pakistan.
The FIA stated that the recovered foreign currency and a mobile phone have been taken into custody, while FIR No. 02/2026 has been registered against the accused and further investigations are underway.
Officials said that operations against illegal foreign currency trading and activities harmful to the national economy have been intensified across Karachi and other regions.
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