Money changers 'Zarco' booked for illegally sending out $560m

[Naveed Yaseen]

THE Federal Investigating Agency, Lahore, on Sunday booked the owner, directors and associates of the Zarco Exchange Company on the charges of involvement in illegal business of Hundi.

In a statement issued here on Sunday, FIA, Lahore, Deputy Director, Crime Circle, Azhar Mahmood said that following a tip off, a team, comprising inspectors, Muhammad Anwar, Muhammad Ahmad, Khalid Anis and others, raided the company’s sub-office at Sheraz Plaza, the Ravi Road, recovered computers, payment receipts, money sending forms, rubber stamps and foreign currency, which were being used for illegal business of Hundi/Hawala.

The raiding team also arrested Shahbaz Ahmad, manager of the payment booth, Kashif Javed, business developer and Qadeer Malik, an agent. During initial investigation, it was revealed that the illegal business of Hawala/Hundi was being done through the Zarco’s Lawrence Road office. The team also raided the main office of Zarco, arrested Branch Manager Nadeem Ishtiaq and Operation Assistant Irfan Ishaque and seized the company’s record, including its computer network.

A case has been registered against the company’s owner Syed Lakht-e-Hussain, directors and others. Efforts are being made for the arrests of remaining accused and their names have also been placed on the FIA’s watch-list, while proceedings are also underway for the accused’s arrest through Interpol.

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