When Ahmed Ali heard his friend’s statement, he said, “That’s not true. Some people working in the market provide dollars at good rates.” He recently purchased dollars from a known person through a reference.
Surprised by Ahmed’s statement, his friend asked him to show the dollars. When Ahmed Ali showed the notes to his friend, doubts arose about their authenticity.
Upon his friend’s suspicion, Ahmed Ali had the dollars checked by his known money changer, revealing that the dollars were fake but intricately crafted.
It is essential for city residents, instead of dealing with agents, to exercise caution when purchasing dollars in Pakistan, as per the Federal Investigation Agency (FIA). The FIA has apprehended an agent in Karachi who was involved in selling counterfeit dollars to unsuspecting citizens.
Abdullah informed the FIA during interrogation that he had sold these fake dollars to several individuals in the city. According to FIA authorities, in the last week of 2023, the Commercial Banking Circle Karachi received a request from a city resident. The requester, identifying as a professional lawyer, needed dollars for visits to Iraq and Iran from Pakistan.
In the application, it was mentioned that, based on a friend’s reference, the individual purchased dollars from an agent who, in turn, deceived them by providing fake dollars.
Upon Ahmed Ali’s request, the FIA initiated an inquiry, under the supervision of Ali Murad, Deputy Director Banking Circle Karachi (Inquiry No. 171/2023), to investigate the information provided by the applicant. On December 27, plain-clothed officers were stationed outside Advocate Ahmed Ali’s office in Gulistan-e-Jauhar, monitoring the situation.
Upon reaching the suspect’s office and apprehending him for the production of counterfeit dollars, he was taken into custody. The seizure of dollars was made during the operation, and along with it, mobile phones and various bank cards were confiscated.
The accused, Abdullah, had come to Advocate Ahmed Ali’s office to settle the remaining $1,000 of the $15 he owed. According to the FIA, during the investigation, the suspect revealed that “he had supplied dollars not only to Ahmed Ali but also to other individuals, including those associated with various networks.”
The suspect disclosed that he obtained these dollars from a person named Saraj, with whom he had a meeting in Karachi’s commercial area, Bolton Market. The initial investigation by the FIA has revealed that “Saraj is associated with the province of Khyber Pakhtunkhwa in Pakistan.” Law enforcement agencies are conducting raids to apprehend the suspect, but he has not been captured yet.
During the inspection, it was also revealed that “Abdullah’s provided dollars were intricately crafted, making it challenging to identify their authenticity even for currency professionals.” These dollars were printed with security features, including micro-printing, similar to US dollars. Authenticating these notes against counterfeits requires the use of 200-power infrared rays.
The FIA has filed a case against the suspect under sections 420 and 34. Authorities are taking further actions to arrest additional accomplices of the suspect.
According to Secretary Zafar Paracha of Exchange Companies Association of Pakistan, “There is a procedure for buying and selling dollars in the country. Those taking currency from money changers have to answer some questions, and besides, they have to pay according to the market rate to avoid the questions and save money; people turn to agents.”
He further explained, “Here, it is essential that we simplify the process a bit so that those buying and selling dollars can do it legally and safely without the involvement of agents.” He emphasized the need for individuals to be able to conduct currency transactions in a lawful manner. Paracha stated, “Since the process of buying and selling currency has become challenging, agents have become active in the market. Currency purchased from an agent is rarely checked for authenticity or counterfeiting by the public. Note-checking machines are generally not available to citizens.”
According to Zafar Paracha, “After the entry of agents into the market, incidents of counterfeit currency in the market have increased. It is the responsibility of institutions to take action against those engaged in the illegal currency business in the country and bring them to justice.”
Pakistan Rupee Exchange Rate
