In July 2025, agents from a regulatory body raided the backroom of a cash-based business in Quetta. They were astounded to discover a miniature central bank containing Rs684,000, 230.5 million Iranian riyals, more than 135,000 Afghanis, $700, 200 Saudi riyals, and 150 Australian dollars; the drawers were spilling over with cash, reflecting the thriving hawala/hundi network.
Not so long ago, the Federal Investigation Agency raided a travel agency in Karachi and discovered an underground remittance ring that transferred money abroad through shell companies; it also seized Rs25m in cash and various valuables, such as computers, mobile phones, prize bonds, and checks. From border communities to the nation’s financial centre, these ‘spec-ops’ sort of raids reveal an open secret: despite years of regulation, Financial Action Task Forc
Continue Reading on Dawn
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.