Reported By: Imran Khan
Lahore: Federal Investigation Agency (FIA), acting upon a tip of illegal currency dealing and raided Noble Currency Exchange Company located at main market Gulberg II Lahore which resulted into arrests of two workers of the said Company and recovery of over 15 million currency, FIA team has registered the First Information Report (FIR) to further investigate the case.
A senior official informed Indus Gazette that after the conducting raid on the directions of Director FIA Dr Rizwan the proceedings for the cancellation of Company’s State Bank licence have initiated while the along with 2 accused persons (under arrest) the other Directors and Share holders of Nobel Exchange Pvt Ltd have been nominated in the FIR to investigate their roles.
Documents available with Indus Gazette revealed that a secret information through credible source was received that an illegal setup of Hawala and Hundi and illegal exchange of foreign currency is being run by Usman Ali s/o Abdul Majeed Munawar with active connivance of directors of Noble Exchange International PVT Limited at shop No. 3 B Rahim Complex main market Gullberg-Il Lahore.
Documents further go as “The Competent Authority constituted a raiding team comprising of Zawar Ahmad Assistant director, Shahid Ali IP. Zeeshan Khokar IP. az Aslam HC and Mansoor Ahmad FC The Raiding team reached the aforesaid premises, wherein a person namely Usman Ali s/o Abdul Majeed Munawar was found red handedly carrying on business of illegal Sale/purchase and hundi/Hawala of local and foreign currencies.
During the Raid after introduction of the Raiding team, the aforesaid person was inquired about the License regarding State Bank of Pakistan’s authorization in respect of Sale/Purchase of Foreign Currency at the above mentioned premises, which he failed to furnish. Hence, search of the premises was carried out as per law which resulted in recovery of huge amount of Local & Foreign Currencies as tabulated below. The same were taken into FIA custody through a Seizure Memo.
Moreover, during the search of the aforesaid premises, Mobile phones, miscellaneous incriminating material/katchi receipts (hundi/Hawala) and ledgers regarding Illegal Foreign Currency sell/purchase were also taken in to custody through Seizure Memo (Details in Seizure Memo). Upon spot interrogation of the aforesaid person, it was found that the above mentioned persons are also running another illegal setup of Hawala/Hundi and illegal exchange of foreign currency, at G 8 Ashrafi Plaza main market Gullberg II Lahore, on which the raiding team checked the other shop and found that a person namely Adeel Mushtaq s/o Muhammad Mushtaq is busy doing illegal business of Foreign currency exchange.
According to the documents after introduction of the Raiding team, the aforesaid person was inquired about the License regarding State Bank of Pakistan’s authorization in respect of Sale/Purchase of Foreign Currency at the instant premises, which he failed to furnish and disclosed that he is working as manager at the said premises. Hence, search of the premises was carried out as per law which resulted in recovery of huge amount of Local & Foreign Currencies as tabulated below. The same were taken into FIA custody through a Seizure Memo.
A case has been registered U/s 45,23 FERA 1947 R/W 109 PPC R/W 3,4 Anti-Money Laundering Act 2010 against the accused Usman Ali s/o Abdul Majeed Munawar and Adeel Mushtaq s/o Muhammad Mushtaq and CEO/Board of Directors/Shareholders of Nobel Exchange Pvt limited individuals) involved (if any) other than the aforementioned nominated accused shall also be probed in detail during the course of Investigation, while the case is entrusted to AD Rana Faisal Munir Khan, by the orders of the Competent Authority.
Meanwhile, reliable informed that while conducting raid in Noble exchange office in the main market Gulberg, FIA team also examined the back office where the work related to money laundering takes place. But, surprisingly they didn’t take any action against all of them except one person.
Sources further revealed that one real owner of the company is namely Shabbir has very close ties with an high up of FIA who is alleged partner in this company along with many other businesses and many people in currency exchange market are aware of this, Shabbir had also been to jail under the NAB case of cheating public at large (Double Shah).
Sources in FIA, informed that Director Dr Rizwan has taken serous notice and statements are being taken from the head and members or raiding team because one of senior member of raiding team reached the raided office of Nobel Exchange Pvt Ltd very late which left so many question marks.