Latest news with #Sukkur
Business Recorder
2 days ago
- Business
- Business Recorder
FIA arrests one more in ongoing crackdown against illegal currency dealers
KARACHI: The Federal Investigation Agency (FIA) reported on Saturday its Lahore circle had arrested an illegal currency dealer allegedly involved in currency smuggling (hawala/hundi) from capital city of Punjab province. The development came a day after a Pakistan court sentenced three illegal currency dealers to five years in prison and imposed a fine of Rs1 million on each for their involvement in unlawful foreign exchange trading. So far, the law enforcement agencies including the FIA has announced the arrest of a total of four illegal currency dealers in the past two weeks – since a crackdown was launched against illegal currency dealers and smugglers. The law enforcement agencies have intensified the ongoing crackdown to help Pakistani rupee recover against US dollar and other world major currencies. According to the FIA statement on Saturday, FIA Corporate Crime Circle Lahore arrested the suspect from Azam Cloth Market, Lahore, as the circle intensified the ongoing crackdown against illegal currency dealers and hawala/hundi operators. The suspect was identified as Gul Ameer, a resident of city Peshawar, Khyber Pakhtunkhwa (KP), the FIA statement read. The federal agency recovered Pakistani currency worth Rs6.4 million during the raid, it added. 'Hawala/hundi receipts and other digital evidence were also recovered from his possession.' 'The suspect has been taken into custody and investigation has been initiated. Raids are being conducted to arrest other accomplices of the suspect.' On Friday, Pakistan's court of the First Additional Sessions Judge, Sukkur, jailed three illegal currency dealers for five years and imposed a fine of Rs1 million each. The convicts were including Qamar Shehzad, Muhammad Zeeshan, and Zubair Asghar. The FIA Composite Circle Sukkur had registered the case against them. The crackdown has supported the domestic currency strengthened against US dollar and other currencies in inter-bank and open markets in recent days. According to State Bank of Pakistan's (SBP) data, the rupee has regained a total of Rs2.4 against US dollar since launch of the crackdown on July 23, 2025 to date, closing at Rs282.5/$ in the inter-bank market on Friday compared to Rs284.9/$ on July 22, 2025. Earlier, the rupee had lost almost Rs3 to a dollar in the prior seven weeks to Rs284.9/$ on July 22, 2025 since June 1, 2025. Talking to Business Recorder on July 23, Exchange Companies Association of Pakistan (ECAP) chairman Malik Muhammad Bostan said he had led a currency dealers' delegation to the Director General of Counter Intelligence (DGC) at the Inter-Services Intelligence of Pakistan (ISI) in Islamabad. According to an ECAP statement then, Bostan apprised the DGC about the currency smuggling to Iran and Afghanistan. 'Due to higher black market rates, the supply of dollars is decreasing to legal currency dealers day-by-day,' he was quoted as saying in the statement. 'On this, General Faisal Naseer [DGC] immediately ordered law enforcement agencies to crack down on currency smugglers and arrest them,' the ECAP said.
Arab News
4 days ago
- Business
- Arab News
Court sentences three men to five years in prison amid Pakistan crackdown on illegal currency trade
ISLAMABAD: A Pakistani court has sentenced three men each to five years in prison for running an illegal currency exchange, the Federal Investigation Agency said on Friday, amid a widening crackdown on illegal currency trade. Pakistan authorities have been cracking down on currency smugglers and illegal exchanges since a depreciation in worth of rupee, which fell to a 22-month low of Rs284.97 against the US dollar last month and raised widespread concerns. The crackdown followed a meeting of Maj. Gen. Faisal Naseer, an official of the Inter-Services Intelligence (ISI), Pakistan's powerful military-run spy agency, with exchange company representatives in Islamabad on July 22. On Friday, a local court in the southern Pakistani district of Sukkur sentenced three accused, Qamar Shahzad, Muhammad Zeeshan and Zubair Asghar, to five years in prison and imposed a fine of Rs1 million ($3,517) on each, according to the FIA. 'The accused were found involved in illegal currency exchange,' the FIA said, adding it had seized Rs1 million, $20,700 and 147,000 Saudi riyals from the accused persons. 'The court has ordered the deposit of the recovered currency in national kitty.' Pakistan operates a multi-tiered currency market, with rates diverging between the official interbank channel, the open market, and an unregulated 'grey market' where many traders and informal hawala dealers operate. Burdened by over $58 billion in imports in the last fiscal year, Pakistan faces severe inflationary pressure whenever the dollar strengthens. The rupee has lost 2 percent of its value between January and July this year, despite Pakistan's current account recording a surplus of $2.1 billion, according to central bank data. On July 27, the FIA said it had arrested five suspects involved in illegal currency exchange and transfer of money in the southwestern Balochistan province that borders Iran and Afghanistan. Officials seized 684,000 Pakistani rupees, 230.5 million Iranian rials, more than 135,000 Afghanis, 700 US dollars, 200 Saudi riyals and 150 Australian dollars during raids in Balochistan's Quetta and Chaman. 'Cheque books, hawala-hundi receipts and bank deposit slips were also recovered from the suspects,' the FIA said. 'The suspects were involved in currency exchange without a license. They could not give a satisfactory answer to the authorities regarding the recovered currency.'
Express Tribune
5 days ago
- Health
- Express Tribune
IBA Sukkur to conduct MDCAT in Sindh
Listen to article The Institute of Business Administration (IBA) Sukkur will now conduct the Medical and Dental College Admission Test (MDCAT), replacing individual universities in a major shift in the medical and dental college admission process. The decision was taken during a Sindh Cabinet meeting on Thursday, which also discussed implementing a unified admission policy across all medical and dental colleges in the province. Last year, MDCAT retake exam was successfully conducted across Sindh as per the directives of the Sindh High Court by IBA Sukkur. A total of 38,684 candidates participated in the retake exam held simultaneously in six cities: Karachi, Hyderabad, Jamshoro, Shaheed Benazirabad, Larkana, and Sukkur. Security and logistical support were provided by provincial and district authorities, along with agencies such as FIA and Intelligence Bureau (IB). IBA Sukkur ensured that foolproof arrangements were in place for the smooth conduct of the exam. Read: 'DUHS controller exams involved in MDCAT paper leak' According to a spokesperson for the Sindh chief minister, the new policy will apply equally to both public and private sector institutions, with the provincial Health Department continuing to regulate admissions. At present, the public sector offers 2,550 MBBS and 500 BDS seats, while the private sector has 1,441 MBBS and 2,025 dental seats. Chief Minister Syed Murad Ali Shah said the change follows irregularities in the previous MDCAT. He emphasized that transparency and merit in the admission policy are the government's top priorities.
Business Recorder
02-07-2025
- Business
- Business Recorder
Export businesses from upper Sindh: TDAP organises consultative session
SUKKUR: Trade Development Authority of Pakistan (TDAP) Sukkur organised a consultative session on 'Encouraging Export Businesses from Upper Sindh'. The session was collaborated by the Sukkur Chamber of Commerce & Industry (SCCI) and the State Bank of Pakistan Sukkur. The objective of the session was to apprise the participants about the working and mandate of various departments and organisations that directly and indirectly support the flourishing of the trade industry of the region. The Deputy Director TDAP Sukkur briefed the audience about the role of TDAP, the Ministry of Commerce, and Pakistan's Trade Missions Abroad, which work for the development and promotion of Pakistani Trade potential to international import markets. Copyright Business Recorder, 2025
Express Tribune
20-04-2025
- Sport
- Express Tribune
Sukkur defeat Khairpur in first Transgender Cup
Transgender cricketers came into action in Sindh as Sukkur won the Transgender Cup, held under the provincial government's Sports Department, by defeating Khairpur. The players expressed their happiness after taking wickets during the match, while the winning team celebrated their victory in a grand manner.
