By: IMRAN KHAN
KARACHI – A joint operation conducted by the Federal Investigation Agency (FIA) and Pakistan’s intelligence agencies has unearthed a massive gold smuggling and hawala-hundi network in Karachi, triggering immediate shockwaves in the city’s bullion market and raising concerns of financial crimes tied to national security threats.
According to official sources, the operation was launched based on confidential intelligence reports, leading to surprise raids across multiple locations in the city. The crackdown resulted in the seizure of Rs. 115.8 million in cash and 170 gold biscuits (each weighing 10 tolas) from an office located in the Saddar area.
Five suspects have been arrested so far: Muhammad Nasir Khatri, Muhammad Rafiq Khanani, Naveed Aslam, Saeedullah, and Irfan Rehmatullah. However, two key suspects — Saleem Baba alias Muhammad Saleem, and Basit Akbani alias Basit — remain at large and are reportedly operating between Karachi and Hyderabad.
Preliminary investigations suggest that the illegal gold trade involved melting jewelry in local laboratories to manufacture gold biscuits, which were then used as a vehicle to launder black money. The network is believed to have operated not only within Pakistan but also facilitated the illicit transfer of billions of rupees to Dubai, the United States, and Canada via hawala channels.
Intelligence sources claim that proceeds from these transactions may have indirectly funded terrorist networks, thereby elevating the gravity of the case from economic crime to a national security threat.
Several individuals linked to the network, including Saleem Baba, Arshad, Talat Aziz, Abdul Basit, and Saad Sukkur, are reportedly leveraging their influence with powerful circles to evade arrest. Saleem Baba is allegedly connected to a prominent media group’s business empire, which has raised serious concerns regarding possible interference in the investigation.
Surprisingly, the case is not being handled by FIA’s specialized units for hawala and money laundering. Instead, it has been assigned to an officer on deputation from the Sindh Police — a decision that has drawn criticism from within investigative and legal circles. There are also reports that some detainees, including an individual named Mubashir, have been quietly released under unclear circumstances.
This operation is believed to be a continuation of an intelligence-led inquiry initiated late last year, following the failure of the Federal Board of Revenue (FBR) and the State Bank of Pakistan to control the surge in undocumented financial transactions disguised under the gold trade.
The Karachi bullion market, particularly the historic Sarafa Bazaar in Kharadar, has remained closed for weeks. Sensitive agencies recently raided several shops and offices in the area, seizing Dubai-linked computers and ledgers now under forensic review by the FIA to trace international money trails.
Experts argue that if the investigation remains transparent and shielded from political influence, it could serve as a precedent in dismantling illegal financial networks and restoring integrity to Pakistan’s gold and money markets.
Given the operation’s scope and implications, authorities have now linked the probe to matters of national security and economic stability.
