Islamabad:The CEO of Pakistan s largest foreign exchange company was arrested today along with three other persons for allegedly laundering of billions of dollars out of the country.

Munaf Kalia, CEO of Khanani and Kalia International, and three other foreign exchange dealers were arrested this morning by the Federal Investigation Agency.

The arrests were made following an investigation conducted by intelligence agencies and the cyber crimes and economic crimes wings of the FIA.

The FIA also took into custody 10 employees of the National Database and Registration Authority, which maintains the government s databases and computer networks, for alleged involvement in the racket, state-run APP news agency reported.

Official sources were quoted by TV channels as saying that Kalia and the other arrested persons had allegedly transferred billions of dollars out of Pakistan through the Internet.

Geo News channel reported that up to USD 10 billion may have been laundered out of the country.

Authorities conducted raids in Gujranwala, Lahore and the southern financial hub of Karachi before making the arrests. Sources said the activities of Kalia and the others were being monitored by intelligence agencies over the past few months.

The Pakistani rupee recently hit an all-time low of Rs 84 to the US dollar. Despite the economic crisis being faced by Pakistan, experts had said speculation could have been one of the reasons for the sharp devaluation of the rupee.

The State Bank of Pakistan too had warned foreign exchange companies against involvement in illegal activities.
Source : PTI