Pak politicians, bureaucrats involvement found in forex scam

November 13th, 2008 - 3:27 pm ICT by ANI  

Lahore, Nov 13 (ANI): Pakistan Federal Investigation Agency (FIA) has reportedly found the involvement of senior bureaucrats and politicians in the Khanani and Kalia (K and K) foreign currency scandal.

Quoting FIA sources, the Daily Times reported that during investigation, Javed Khanani and Munaf Kalia had offered to bring down the price of US dollar to Rs 72-74 if they were let off the hook.

One of the senior FIA officials, who is a part of the investigation team, said that billions of rupees could return to Pakistan in a very short time if the main culprits in the case were not released and the investigation continued without any pressure.

Another report said that Khanani and Kalia revealed that 11 people transferred dollars worth Rs 38 billion abroad in the last one month alone.

Meanwhile, Prime Ministers Interior Adviser Rehman Malik said that more arrests were possible with regard to the financial scam.

Malik vowed that the hawala business in the country would be completely uprooted and action against Khanani and Kalia moneychangers would be taken in accordance with the law.

The foreign exchange transferred through the system would be brought back to the country within 48 hours, the paper quoted him as saying.

He also said people whose names were mentioned in the first information report, had been put on the ECL (exit control list).

Malik said that government measures had stabilised the rupee against dollar and euro and the Foreign Exchange Association had assured to deposit 500 million euros with the State Bank of Pakistan (SBP) this year.

No leniency would be shown to Khanani and Kalia moneychangers, despite request by some circles in the money-changing business, Malik said and added that the hawala business had damaged the countrys economy and strict action would be taken against those involved in illegal transfer of foreign currency. (ANI)

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