ISLAMABAD/KARACHI – Authorities busted major illegal currency operation, arresting suspect allegedly involved in large-scale trading of Iranian rials and recovering a staggering 1.45 billion Rials.
The operation led by FIA Commercial Banking Circle Karachi resulted in arrest of Syed Jahanzeb Shah, who is accused of running or facilitating an extensive illegal foreign exchange network. Officials say he was taken into custody during a carefully planned targeted raid.
In the raid, 1.45 billion Iranian rials were seized from his possession, marking one of the most significant recoveries in recent times linked to black-market currency dealings.
The investigation deepened further, with officials revealing that detailed analysis of the suspect’s mobile phones uncovered strong digital evidence of an organized currency racket. Messages, records, and transaction data reportedly point to a structured network engaged in unauthorized forex trading.
After his arrest, the suspect was shifted to FIA’s Commercial Banking Circle in Karachi. A formal case (FIR No. 29/2026) has been registered, and authorities have launched a wider probe to trace possible links and uncover others involved in the illicit system.
A speculative frenzy over Iranian rials is gripping Pakistan’s informal markets. Small investors and low-income individuals are increasingly pouring money into the currency, hoping to cash in on rapid price swings fueled by expectations of possible US–Iran diplomatic progress, where Pakistan is seen as a potential regional facilitator.
Investors are betting heavily on continued gains. rial has reportedly surged by around 50% in local markets, rising from approximately Rs10,000 to Rs15,000 per 10 million rials, according to exchange data.
Exchange Companies Association of Pakistan estimates daily trading volumes at $5–6 million, though experts believe the real figure could be much higher due to unrecorded informal activity. In total, billions of rupees are now circulating in speculative bets.
Officials cautioned that Iran’s fragile economic conditions, including financial stress and liquidity shortages, make its currency highly volatile and extremely risky for investment.
Despite repeated warnings from financial authorities, the rush shows no signs of slowing. Many continue to chase the dream of turning small savings into quick profits, even as analysts stress that the current boom is built on sentiment rather than stability.
Bid to smuggle billions of Iranian rials foiled in Pakistan’s Karachi
