The Federal Investigation Agency (FIA), which is looking into the reasons for the rising value of the US dollar, has decided to investigate about 100 people who allegedly bought more than 30 63 million from various exchange companies in Lahore.
According to the Dawn newspaper, the agency believes that these dollars were either stockpiled or smuggled into Afghanistan during the last 45 days.
An FIA official told Dawn that the FIA Lahore had issued notices to 100 people on Tuesday and asked them to appear on October 15.
He said the men were allegedly involved in buying US dollars and had systematically reduced each transaction to $35,000 or $50,000 to evade the law, which could lead to dollar hoarding, money laundering, and smuggling.
He said that the purpose of buying a large amount of foreign currency from these people, especially during 45 days, would be explored.
“It is suspected that they bought US dollars for hoarding or smuggling into Afghanistan,” he said.
Teams led by FIA Lahore Director Muhammad Rizwan collected data from the headquarters of currency exchange companies across the city following reports that dollars, large stocks had been smuggled or smuggled into Afghanistan.
The official said that due to the FIA’s action, the rising value of the dollar has stopped, after the investigation, action will be taken against those involved in money laundering and hoarding of dollars.
He said the FIA collected data on exchange companies from January to September 2021, which helped trace a large number of dollar buyers.
The FIA official said that according to the law, if a person (an exchange company) buys 35 35,000, the State Bank of Pakistan (SBP) has to be informed about the transaction and the transaction will be done through check. ۔
If a person wants to buy $50,000, he will need to get permission from the SBP.
He said that many times buyers buy more than one lakh dollars in five or six transactions with the help of exchange companies to avoid informing the SBP as the central bank, such transactions are FIA. And refers to the Federal Board of Revenue (FBR).
Another official said some exchange companies were involved in the “organized transactions”.
In response to a question about 100 people, he said, “They have been sold for $ 63 million, taking advantage of flaws in the system.”
Another restriction imposed by the SBP on dollar buyers, which is biometric verification, is mandatory for all those buying 500 500 or more from the open market.
Earlier, the exchange companies had pointed out in the media that the outflow of dollars in Afghanistan has increased significantly, while the Fitch Ratings Company had recently cited this issue as one of the reasons for the instability in the exchange rate.