Karachi: Forex dealer sent to jail
KARACHI: Director of a foreign exchange firm Mehboob Rehmatullah Moti was sent to jail on remand till Jan 1 by a judicial magistrate (south) on Wednesday. Moti, the director and partner of Al-Sahara Exchange Company, was arrested by the Federal Investigation Agency on Dec 17 in Karachi for allegedly transferring abroad foreign currency worth billions of rupees unlawfully. On Wednesday, the suspect was produced before Judicial Magistrate (south) Asif Ahmed who sent him into judicial remand. A case (83/08) was registered against the suspect under Sections 5, 8, 22 and 23 of the Foreign Exchange Regulation Act-1947 read with Sections 7, 8 and 20 of the Prevention of Electronic Crimes Ordinance-2007 and Sections 409, 420, 467, 471, 477-A/34 of the Pakistan Penal Code at the FIA, crime circle branch, Karachi.
According to the prosecution, the suspect had allegedly received billions of rupees from private parties for the purpose of Hawala and transferred the money in foreign exchange to other parties abroad, causing huge financial losses to the national exchequer. He was also accused of indulging in illegal transfer of huge amounts of money in connivance of different banks, forex firms and private parties.