KARACHI: The Federal Investigation Agency (FIA) Karachi Zone has uncovered a major hawala/hundi network involving the illegal transfer of 9 million UAE dirhams (approximately Rs735 million), arresting a senior company executive in a significant financial crime crackdown.
According to an official press release issued by the Public Relations Cell of FIA Karachi Zone (PR No. 12/2026), the action was carried out by the agency’s Corporate Crime Branch (CBC) during the investigation of FIR No. 10/2026.
Illegal foreign transfers exposed
Investigators revealed that a well-known advertising agency was involved in transferring substantial funds to foreign accounts through unauthorized hawala/hundi channels. The total illegal remittances amounted to 9 million Emirati dirhams.
During the probe, the Chief Financial Officer (CFO) of Z2C Pvt Ltd, Faisal, son of Muhammad Ilyas, was taken into custody for his alleged involvement in facilitating the unlawful transfers.
Arrest and ongoing investigation
The suspect has been formally arrested and placed under custody for further interrogation. FIA officials stated that the accused was directly involved in arranging and executing illegal cross-border financial transactions through informal money transfer systems.
Authorities have launched additional raids to identify and apprehend other individuals and facilitators linked to the network.
Zero tolerance policy reaffirmed
The Director of FIA Karachi Zone reiterated the agency’s zero-tolerance policy against individuals and entities involved in illegal financial dealings through hawala and hundi systems. He emphasized that strict action will continue against those undermining the country’s financial and regulatory framework.
While Z2C denies any link to ongoing FIA investigation
Z2C clarified its position regarding a matter currently being reviewed by the Federal Investigation Agency (FIA), for the avoidance of doubt, Z2C itself is not the subject of any investigation.
The individual referenced in recent reports acted strictly in a personal capacity. The actions under review were not undertaken on behalf of Z2C and do not relate to the Company’s operations, finances, clients, or business activities. No company systems, accounts, or funds were involved.
Z2C is not under investigation.
Effective immediately, and in line with company policy, the individual has been suspended from all duties pending the outcome of the legal process and further internal review.
Z2C operates as a fully compliant organization. All financial transactions are conducted through formal banking channels in accordance with applicable regulatory requirements.
The Company will extend full cooperation to the relevant authorities if required.
