- Web Desk
- 7 Hours ago
Homes to be raided for recovering hoarded dollars
- Web Desk
- Sep 19, 2023
ISLAMABAD: In a significant development, Pakistani authorities are gearing up for a major crackdown on those involved in hoarding dollars, with plans to conduct raids on the homes of suspected hoarders with the assistance of the Federal Investigation Agency (FIA).
According to security sources, the next phase of the crackdown on dollar hoarding has been finalised with the FIA and intelligence agencies preparing to conduct searches at private residences to trace hoarded dollars.
Sources reveal that data obtained from exchange companies has provided crucial information regarding identified properties across the country.
According to sources, intelligence agencies have acquired documented evidence of individuals hoarding dollars at residences.
Additionally, security agencies have compiled a list of individuals who have engaged in unusually high volumes of dollar transactions.
Reportedly, the FIA and intelligence agencies will target these properties through targeted raids.
Following these operations, those found hoarding dollars could face arrests and legal proceedings that may result in imprisonment.
It should be noted that the ongoing crackdown on the dollar mafia has already led to a significant drop in the value of the dollar, which has depreciated by 31 rupees since the initiation of the crackdown.
On September 1, the dollar reached its highest level at 328 rupees, but the open market has witnessed a substantial decrease in dollar value, now trading below the 300-rupee mark.
The authorities said that they will continue to raid to curb dollar hoarding to stabilize the country’s financial markets and combat illicit practices in the foreign exchange market.