FIA gears for grand operation against dollar hoarding

KARACHI: The Federal Investigation Agency (FIA) and other agencies have geared for a crackdown against dollar smuggling and hoarding in the country to reign the price of foreign currency.

The FIA, State Bank of Pakistan (SBP), and sensitive institutions are set to launch a grand operation against the hoarding of dollars. The authorities have prepared a list of companies and individuals hoarding dollars and are set to take action.

According to reports, the FIA and sensitive institutions have obtained two years of data from foreign exchange companies. It has also formed a list of people who bought a large quantity of dollars.

FIA and other sensitive institutions have started collecting details of lockers and the items placed in them from banks. There are reports that a large number of dollars are stored in bank lockers.

The FIA will be able to scan bank lockers using the latest technology in dollar recovery operations. FIA and other institutions are confident of a massive drop in the value of dollars due to the crackdown.

The government has geared up for a crackdown against people hoarding and smuggling foreign currencies in the country. There are credible reports that the government has prepared lists of officials and abettors involved in smuggling operations and action will be taken soon.

The reports added that the government intends to act against ‘mafias’ manipulating the currency market in an organized manner The government is also upgrading the system used to monitor foreign currency in the country as well. The development comes a few days after the dollar’s value crossed the Rs300 mark for the first time in the country’s history.

The government has launched a massive crackdown against the elements involved in dollar smuggling, hoarding and organized crime cartels, causing loss to the national economy.

According to reports, strict action was being taken after the identification of facilitators of government officials indulged in illegal economic activities.

The complete lists of the elements involved in illegal economic activities are ready and accordingly, an extensive crackdown was underway. The main reason to initiate and enforce administrative measures against hoarders, black marketers and dollar smugglers was the constant devaluation of the rupee against the US dollar.

The government had ordered to take strict action against unauthorized money changers and other mafias operating in the country. Authorities said surveillance systems were being upgraded at land, sea and airports, adding illegal movement of goods and currency will not be allowed.

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