LAHORE: The Federal Investigation Company (FIA) Lahore has written to its chief searching for cancellation of licence of a foreign money changer and blacklisting of its proprietor for cash laundering and different unlawful enterprise.
FIA Lahore Director Mohammad Rizwan within the letter stated that Nobel Exchange Firm Pvt Ltd was operating unlawful international foreign money trade and IMVTS arrange in Foremost Market Gulberg. The company throughout a raid arrested Usman Ali and Adeel Mushtaq, staff of the corporate, and seized international foreign money price Rs16 million.
“Throughout preliminary investigation it has been revealed that Rs16m was not a working capital however funding of benami crime proceeds. The house owners of the corporate are actively facilitating hawala by illegally and secretly sub-letting their enterprise places to black cash buyers. All of the 15 branches/franchises of Nobel Exchange are utilizing the identical modus operandi for IMVTS and unlawful FCY sale and buy,” the letter stated.
The FIA Lahore stated the key portion of Rs840m of crime proceeds of the infamous ‘Double Shah’ rip-off was injected into Nobel Alternate.
“This trade firm was getting used as a automobile of cash laundering with impunity. It’s requested that the State Financial institution of Pakistan could also be moved to cancel/revoke the licence of the stated firm. Its house owners also needs to be blacklisted,” the letter stated.
Revealed in Daybreak, March fifth, 2022
