The Federal Investigation Agency (FIA) in Karachi has detained the Chief Financial Officer (CFO) of a prominent advertising firm in connection with a major case involving the illegal transfer of funds abroad.
The incident highlights ongoing efforts to curb unauthorized money remittance networks operating outside formal banking channels.
Crackdown on Hawala Network The FIA’s Karachi Zone uncovered a sophisticated hawala/hundi operation that facilitated the unlawful transfer of 9 million UAE dirhams, equivalent to approximately Rs735 million, according a report by Abb Takk.
Investigators identified the involvement of Z2C Pvt Ltd, a well-known advertising agency, which allegedly used informal channels to send substantial funds to foreign accounts.
This bypasses Pakistan’s regulatory framework for foreign exchange and remittances. The hawala system, often used for quick but unregulated transfers, has been a target of FIA operations due to its links to potential money laundering and economic instability.
Arrest and Ongoing Probe The CFO, identified as Faisal son of Muhammad Ilyas, was taken into custody by the FIA’s Corporate Crime Branch under FIR No. 10/2026. Officials confirmed his direct role in arranging and executing these illegal transactions. He remains in custody for further interrogation.
Raids continue as authorities seek to apprehend other facilitators in the network. The FIA Director Karachi Zone stressed zero tolerance for such activities, vowing strict enforcement to protect the national financial system. The case remains under active investigation, with more developments expected soon.