FIA arrests Z2C CFO in hawala probe; company suspends official, denies institutional involvement

In a significant but still developing case, the Federal Investigation Agency (FIA) has announced the arrest of the Chief Financial Officer of Z2C Limited, a Karachi-based media and digital marketing company, over alleged involvement in illegal foreign fund transfers.

In a detailed statement issued on February 23 (PR No. 12/2026), the FIA Karachi Zone said that during the investigation of FIR No. 10/2026, authorities uncovered a hawala/hundi network allegedly used to transfer 9 million UAE dirhams (approximately PKR 735 million) to foreign accounts.

According to the FIA, the suspect — identified as Faisal, son of Muhammad Ilyas — was found to be involved in the illegal transfer of funds through the hawala/hundi system. He has been taken into custody for further investigation, while raids are ongoing to identify other possible facilitators.

The agency reiterated its “zero-tolerance policy” against illegal financial transactions conducted outside formal banking channels.

Z2C responds, suspends CFO

Following the FIA’s statement, Z2C Limited confirmed that it has suspended its CFO pending the outcome of the investigation and an internal review.

In its response, the company stated that the CFO allegedly acted “in a personal capacity” and that no company funds, accounts, or systems were used in the transfers. Z2C also said that the company itself is not under investigation and that the matter does not relate to its operations, activities, or clients. The firm added that it would fully cooperate with authorities if required.

Contrasting positions

However, the FIA’s press release noted that “a well-known advertising agency had illegally transferred large sums of money to foreign accounts,” language that has prompted questions about the scope of the investigation.

While the agency’s statement clearly identifies the CFO as a suspect, its reference to an advertising agency has raised uncertainty over whether the probe may extend beyond an individual capacity.

At this stage, authorities have not publicly clarified whether the investigation formally includes the company as an entity, and no charges have been announced beyond the arrest of the CFO.

As the investigation continues, further details are expected to determine the extent of individual versus corporate responsibility in the alleged transactions.