Karachi (HRNW)- A court has rejected the post-arrest bail application of a Chinese national, Anthony Ho Siao Yu Yao, who was allegedly involved in illegal foreign exchange activities.
According to a spokesperson for the Federal Investigation Agency (FIA), the case was registered at the FIA Commercial Banking Circle Karachi under the Foreign Exchange Regulation Act (FERA) 1947 and relevant legal provisions.
The FIA spokesperson stated that the action was taken following receipt of credible intelligence and completion of a preliminary inquiry. During the operation, a significant quantity of foreign and local currency, prize bonds, and digital devices were recovered from the possession of the accused.
During initial investigation, the accused reportedly failed to provide legal sources or authorized documentation for the foreign currency in his possession.
The court observed that mere possession of foreign currency is not sufficient and that lawful justification of its origin is mandatory under law.
It was further noted that the search was conducted under a valid search warrant in accordance with legal requirements.
The court also observed that economic crimes have a direct impact on the country’s financial system, and therefore caution is necessary while granting relief in such cases.
It was additionally stated that forensic examination of the seized electronic devices and further investigation is ongoing, and there is a risk that release of the accused could affect evidence.
After reviewing all facts and evidence, the court dismissed the post-arrest bail application of the accused.
The FIA spokesperson added that operations against illegal foreign exchange networks and elements harming the national economy will continue.
