The Federal Investigation Agency (FIA) in Lahore has written to its chief, requesting that a currency changer’s license be revoked and its owner be blacklisted for money laundering and other unlawful activities.
Nobel Exchange Company Pvt Ltd was operating illegal foreign currency exchange and IMVTS set up in Main Market Gulberg, according to FIA Lahore Director Mohammad Rizwan’s letter. During a raid, the agency arrested two firm employees, Usman Ali and Adeel Mushtaq, and recovered Rs16 million in foreign cash.
“It was discovered after the initial investigation that Rs16 million was not a working capital but rather an investment of benami crime proceeds.” By unlawfully and secretly subletting their business locations to black money investors, the company’s owners are actively aiding hawala. The letter stated that “all 15 branches/franchises of Nobel Exchange use the same modus operandi for IMVTS and unlawful FCY selling and acquisition.”
According to the FIA Lahore, the majority of the Rs840 million in crime proceeds from the infamous ‘Double Shah’ scam was poured into Nobel Exchange.
“With impunity, this exchange corporation was being exploited as a money laundering vehicle.” It is proposed that the State Bank of Pakistan be petitioned to cancel or withdraw the company’s license. The owners should also be blacklisted, according to the letter.