PESHAWAR: The Federal Investigation Agency sealed four plazas in Chowk Yadgar area of the provincial capital on Sunday for running illegal currency business.

The markets, according to FIA officials, were being used for illegal Hundi (money exchange) business.

They said a raid was conducted in Chowk Yadgar following information that the plazas were occupied by people involved in Hundi business and currency smuggling. They added that the raid was jointly carried out by officials of an intelligence agency and FIA’s Commercial Banking Circle (CBC).

CBC deputy director Afzal Khan Niaz told Dawn that the agency was carrying out intelligence-based operations across the province.

The raiding party was also accompanied by local police and officials were seen sealing the plazas. “You know that there is economic instability in the country and the US dollars are being smuggled out of Pakistan,” CBC’s assistant director Shafqat Jamal told mediapersons after the raid. He said raids were being carried out to stop smuggling of dollars outside Pakistan.

The CBC officials said that the agency had so far carried out around 257 raids since January 1, 2022, and arrested 305 persons allegedly involved in Hundi Hawala. They added that currency smugglers arrested were charged under relevant sections of law.

The officials said local and foreign currency worth Rs666.180 million had so far been recovered, adding compared to other zone of the country, the FIA’s KP zone had made the highest number of raids and arrests.