KARACHI: The State Bank of Pakistan has suspended with immediate effect the authorization of an Exchange Company namely M/s Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and regulations.

The Exchange Company, its head office, branches, franchises have been debarred from undertaking any kind of business activity during the suspension period.

Its to pertinent to mention that on 26th February Federal Investigation Agency (FIA), acting upon a tip of illegal currency dealing 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 16 million currency, FIA team had registered the First Information Report (FIR) under sections of AML and FERA 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 was initiated while the along with 2 accused persons (under arrest) the other Directors and Share holders of Nobel Exchange Pvt Ltd were nominated in the FIR to investigate their roles.