A Pakistani court has handed five-year prison sentences to three individuals for operating an illegal currency exchange, the Federal Investigation Agency (FIA) said on Friday, as authorities intensify efforts to curb illicit currency trading.
The crackdown follows a sharp depreciation of the Pakistani rupee, which last month dropped to a 22-month low of Rs. 284.97 against the US dollar, sparking widespread concern.
On Friday, a court in Sukkur convicted the three suspects, sentencing each to five years in prison and imposing a fine of Rs. 1 million, according to the FIA.
“The individuals were found engaged in illegal currency exchange operations,” the agency stated, noting that authorities had confiscated Rs. 1 million in cash, $20,700, and 147,000 Saudi riyals from the offenders.
“The court has directed that the recovered funds be deposited into the national treasury,” the FIA added.
