Tag: Karachi news

  • Karachi currency mafia suspected of hiding over $50 million in homes

    Karachi currency mafia suspected of hiding over $50 million in homes

    Amidst the ongoing nationwide efforts to combat currency smuggling, primarily involving US dollars, reliable sources have disclosed that over $50 million has been discreetly stored away by a network associated with illicit currency dealings in homes scattered across Karachi.

    These credible sources indicate that security agencies have meticulously compiled records from various banks and currency exchange establishments. They have meticulously assembled a comprehensive inventory of individuals engaged in the buying and selling of US dollars and other foreign currencies.

    It has come to light that individuals of considerable influence who acquired US dollars as a form of “investment” have yet to settle debts totaling more than $50 million.

    The individuals affiliated with this illicit currency network are predominantly situated in Karachi’s older districts, including Lyari, Kharadar, Mithadar, Clifton, Saddar, Bath Island, and DHA neighbourhoods.

    The authorities have already initiated targeted operations to search the residences of those involved in amassing substantial amounts of money, according to these sources.

    According to Geo News, these revelations follow a statement earlier in the day by Caretaker Interior Minister Sarfraz Bugti, who reiterated the government’s unwavering commitment to combating dollar and currency smuggling. He noted that 168 first-information reports (FIRs) had been filed against individuals involved in the unlawful trade of dollars.

    Addressing a press conference in Islamabad, Bugti asserted that the state will take firm action against hawala, hundi, and other illicit activities.

    It is important to note that the caretaker government granted authority to the Federal Investigation Agency (FIA) last month to combat the smuggling of sugar and US dollars within the country.

    Subsequent to this government approval, the agency has been empowered to take necessary actions at all entry and exit points related to foreign currencies.

    As a result of the ongoing nationwide crackdown against hoarding and smuggling of foreign currencies, the value of the US dollar has depreciated by more than Rs18.

  • FIA cracks down on luxury car showrooms in Karachi over money laundering suspicions

    FIA cracks down on luxury car showrooms in Karachi over money laundering suspicions

    On Thursday, the Commercial Banking Circle team of the Federal Investigation Agency (FIA) executed a seizure of four high-end vehicles at a Karachi-based car showroom.

    The owner of the establishment was unable to furnish credible documentation regarding the vehicles’ importation, raising suspicions of their involvement in a trade-based money laundering operation.

    The FIA has embarked on a comprehensive inquiry into the proprietors of car showrooms in Karachi, honing in on trade-based money laundering—an illicit stratagem that exploits international trade transactions as a conduit for unlawful financial transfers.

    In a recent enforcement operation, the FIA confiscated a quartet of opulent automobiles, including a Land Cruiser and an Audi, from a showroom situated on Khalid bin Waleed Road. Despite repeated requests, the showroom owner failed to comply with the FIA’s summons.

    The agency has further dispatched notifications to the proprietors of thirteen other car showrooms in Karachi, intensifying its scrutiny of this matter.

    Earlier in the week, the FIA conducted a search at the residence of a businessman by the name of Aziz Seekha in Karachi. This operation yielded a substantial haul of both foreign and Pakistani currency, alongside prize bonds, underscoring the agency’s ongoing efforts to combat financial irregularities.

  • Karachi police seizes smuggled Iranian diesel worth nearly Rs1 crore

    Karachi police seizes smuggled Iranian diesel worth nearly Rs1 crore

    On Sunday, Karachi police successfully thwarted an attempt to smuggle Iranian diesel valued at Rs9.6 million into the city. 

    According to ARY News, during an operation in Orangi Town, the police confiscated an oil tanker carrying 31,000 liters of Iranian diesel with the same estimated value. 

    Two individuals, Muhammad Qasim and Muhammad Yaseen, were apprehended and subsequently handed over to Pakistan Customs authorities.

    On Friday, the Caretaker Prime Minister, Anwaarul Haq Kakar, issued strict instructions to customs authorities and law enforcement agencies to intensify efforts in combatting the smuggling of sugar, petroleum products, urea, agricultural items, and other commodities. 

    These directives were issued during a high-level meeting chaired by the caretaker premier, which included the presence of Caretaker Federal Minister for Trade Gohar Ejaz, Minister for Interior Sarfraz Ahmed Bugti, Minister for Petroleum Muhammad Ali, Advisor to the PM Ahmed Cheema, federal secretaries, the Federal Board of Revenue chairman, and senior officers from law enforcement agencies.

  • Pakistan receives second shipment of discounted Russian crude oil

    Pakistan receives second shipment of discounted Russian crude oil

    On Tuesday, the second shipment of discounted Russian crude oil, comprising a total of 55,000 tonnes, reached the Karachi port.

    The vessel carrying Urals oil, named ‘Clyde Noble’, had been en route to the port of Karachi in the Arabian Sea, according to earlier reports from reliable sources. Once the ship’s berthing plan is finalized, it will be docked at the oil pier.

    An insider from the oil industry had previously informed The News that the vessel was expected to reach Karachi Port by Tuesday. Originally scheduled to arrive on June 20, the second cargo faced a one-week delay due to limited storage space in the tanks of Pakistan Refinery Limited (PRL).

    The PRL, being the first domestic refinery to receive crude oil from Russia under the government-led deal, encountered logistical challenges.

    Pakistan had received its initial shipment of Russian crude oil on June 12 when a tanker carrying 45,000 tonnes of crude oil docked at the Karachi port. The government had placed an order of 100,000 tonnes of Russian crude oil in April of this year after months of negotiations with Moscow to finalize the terms and conditions of the agreement.

    As per the terms of the deal, Russia dispatched the first oil tanker carrying 100,000 metric tonnes of crude, which arrived at the Omani port earlier this month.

    However, due to the Pakistani port’s limitations in handling heavy ships carrying over 50,000 tonnes of oil cargo, it was decided to transport the crude to Pakistan using smaller vessels.

    It is noteworthy that the vessel, loaded with Ural crude on April 21 at a Russian port, faced a 10-day delay due to technical issues. Subsequently, it reached Egypt’s Suez Canal on May 17, where it endured a 12-day wait in a lengthy queue before crossing the canal.

    Currently, Pakistan imports 70 per cent of its crude oil, which is refined by PRL, National Refinery Limited, Pak Arab Refinery Limited, and Byco Petroleum. The remaining 30 per cent is domestically produced and refined by Attock Refinery Limited.

    To meet the demand for petroleum products, PRL is presently in the process of refining the Russian crude oil, blending it with Arabian crude that arrived a few days ago following a PRL order.