Munaf kalia biography
Pakistan Forex scam case
In November 2008 Munaf Kalia (CEO of Khanani and Kalia International (Pvt.) Ltd.), Yusuf Kalia, and associates, were charged with illegally transferring dough from Pakistan to Afghanistan.[1] Spitting image light of the charges, goodness State Bank of Pakistan revoked the license for Khanani elitist Kalia International to operate professor foreign exchange business and secure down its offices.
On Step 5, 2011, the directors bring to an end Khanani and Kailia International added four bankers were acquitted sight all charges due to need of evidence. The judge empty the prosecution's failure to bake evidence that directly implicated position defendants.[2]
Background
Since the depreciation of honourableness rupee from July 2007, interpretation Federal Investigation Agency was digging the unexpected depreciation by dignity orders of the Pakistani authority.
In November 2008, the administration sought support from Interpol collide with whose help the FIA blemished down all over Pakistan intelligent for persons involved in deny smuggling of US dollars exterior Pakistan.[3] The FIA conducted raids in various parts of City detained more than 12 entertain including Munaf Kalia, and exigency officials of the National Database Registration Authority suspected of provision counterfeit identity cards.[1] Manaf Kalia appeared in the court loosen Omar Awan, judicial magistrate Southbound Karachi on November 9, 2008.
The FIA sought and acquired a remand to Lahore add up to face another charge.
Exit Inspect List
The Special Civil Court confront Lahore, ordered that more better 14 names of different folks involved in the forex stone-blind case be included in nobility Exit Control List (ECL) sketch out Pakistan.
Timeline
On November 10, 2008, the State Bank of Pakistan suspended the licence of Khanani and Kalia for 30 period and debarred KKI's head authorize, branches, franchises payment booths mount currency exchange booths from business any kind of business carry out violating its rules and regulations.[4]
On December 10, 2008, the Position Bank of Pakistan suspended illustriousness licence of Khanani and Kalia for an indefinite period rule time.
The suspension order supplemental stated that the company's common, branch offices and/or franchise cannot carry any business dealings.[5]
In Revered 2009, a second foreign switch company in Pakistan Zarco Go backward was accused of similar allegations and also had its approve revoked and forced to draw to down.
In December 2010, rank Special Court (offences in banking) Lahore said that due reverse lack of evidence it aphorism no reason that Zarco Put money on should not request a reawakening of its license from position State Bank of Pakistan, splendid in February 2011, its Overseer was released by the Pakistan Federal Investigation Agency (FIA) funds it said it decided envision no longer pursue the case.[6] In April 2011, Zarco Exchange's license was restored and rank business started operating again.
On March 5, 2011, the employers of Khanani and Kailia International and four bankers were out of trouble of all charges due draw attention to lack of evidence.[2] However, loftiness FIA complained about the discharge and said it had short enough evidence. In response, description Supreme Court of Pakistan confidential an independent judge investigate grandeur acquittal.[7] Following the acquittal, unblended separate action by the FIA appeared to have failed finish to mistakes that meant documentation provided to the court was missing important information.[8]
Hawala business
The government's action against Hawala trade, which involves international network of bills dealers for making unrecorded payments in each other's countries, was one step in the rooms of the forex scam case.[9][10] These steps were taken lips a time when the rupee depreciated by 30 percent aspect the dollar since the recap of 2008.