KARACHI – Police in Karachi have successfully foiled an attempt to smuggle Iranian currency, seizing billions of rials and arresting nine suspects.
Reports said the operation led to the recovery of 236 bundles of Iranian currency, totaling 23.6 billion rials, exposing a large-scale smuggling network.
Authorities revealed that among the arrested individuals is reportedly a member of the CTD (Counter-Terrorism Department) from Balochistan, whose credentials are currently under verification.
During the operation, police also took two vehicles into custody. DIG South Asad Raza described the raid as a significant development in the fight against inter-provincial currency smuggling.
He added that further investigation of the detained suspects is underway and that additional revelations are expected.
Police officials indicated that the case is recommended to be handed over to the FIA’s Commercial Banking Circle, and under the law, it may be formally transferred to the Federal Investigation Agency for further investigation.
The Iranian rial smuggling bid comes amid higher demand of the currency in Pakistan amid rising speculations speculation that the Iranian currency is likely to strengthen in the coming days.
1 Crore Iranian Rial to PKR Rate Today
The exchange company manager reported that prior to the conflict, 10 million Iranian rials were traded at Rs2,000–Rs2,500.
Currently, the value has surged dramatically to Rs7,000–Rs10,000 in Pakistan’s open market.
