LAHORE: The Federal Investigation Agency (FIA) Lahore has written to its chief seeking cancellation of licence of a currency changer and blacklisting of its owner for money laundering and other illegal business.
FIA Lahore Director Mohammad Rizwan in the letter said that Nobel Exchange Company Pvt Ltd was running illegal foreign currency exchange and IMVTS set up in Main Market Gulberg. The agency during a raid arrested Usman Ali and Adeel Mushtaq, employees of the company, and seized foreign currency worth Rs16 million.
“During initial investigation it has been revealed that Rs16m was not a working capital but investment of benami crime proceeds. The owners of the company are actively facilitating hawala by illegally and secretly sub-letting their business locations to black money investors. All the 15 branches/franchises of Nobel Exchange are using the same modus operandi for IMVTS and illegal FCY sale and purchase,” the letter said.
The FIA Lahore said the major portion of Rs840m of crime proceeds of the notorious ‘Double Shah’ scam was injected into Nobel Exchange.
“This exchange company was being used as a vehicle of money laundering with impunity. It is requested that the State Bank of Pakistan may be moved to cancel/revoke the licence of the said company. Its owners should also be blacklisted,” the letter said.
Published in Dawn, March 5th, 2022
