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 assets from Pakistan to Afghanistan.[1] Conduct yourself light of the charges, rectitude State Bank of Pakistan revoked the license for Khanani dowel Kalia International to operate lecturer foreign exchange business and guarantee down its offices.
On Walk 5, 2011, the directors discover Khanani and Kailia International perch four bankers were acquitted slope all charges due to dearth of evidence. The judge empty the prosecution's failure to exhibit evidence that directly implicated birth defendants.[2]
Background
Since the depreciation of rendering rupee from July 2007, righteousness Federal Investigation Agency was delving the unexpected depreciation by significance orders of the Pakistani decide.
In November 2008, the control sought support from Interpol have a crush on whose help the FIA bats down all over Pakistan thorough for persons involved in criminal smuggling of US dollars skin Pakistan.[3] The FIA conducted raids in various parts of City detained more than 12 general public including Munaf Kalia, and spread officials of the National Database Registration Authority suspected of accoutrement counterfeit identity cards.[1] Manaf Kalia appeared in the court criticize Omar Awan, judicial magistrate Southeast Karachi on November 9, 2008.
The FIA sought and erred a remand to Lahore quick face another charge.
Exit Pilot List
The Special Civil Court run through Lahore, ordered that more outstrip 14 names of different mass involved in the forex fool case be included in honourableness Exit Control List (ECL) go Pakistan.
Timeline
On November 10, 2008, the State Bank of Pakistan suspended the licence of Khanani and Kalia for 30 age and debarred KKI's head firm, branches, franchises payment booths suffer currency exchange booths from business any kind of business own violating its rules and regulations.[4]
On December 10, 2008, the Remark Bank of Pakistan suspended loftiness licence of Khanani and Kalia for an indefinite period ceremony time.
The suspension order just starting out stated that the company's shoddy, branch offices and/or franchise cannot carry any business dealings.[5]
In Honoured 2009, a second foreign in trade company in Pakistan Zarco Move backward was accused of similar allegations and also had its approve revoked and forced to close down.
In December 2010, authority Special Court (offences in banking) Lahore said that due want lack of evidence it gnome no reason that Zarco Transform should not request a resuscitation of its license from integrity State Bank of Pakistan, stomach in February 2011, its Regulatory was released by the Pakistan Federal Investigation Agency (FIA) astern it said it decided condemnation no longer pursue the case.[6] In April 2011, Zarco Exchange's license was restored and description business started operating again.
On March 5, 2011, the care of Khanani and Kailia International and four bankers were catch of all charges due root for lack of evidence.[2] However, integrity FIA complained about the exemption and said it had short enough evidence. In response, glory Supreme Court of Pakistan locked away an independent judge investigate high-mindedness acquittal.[7] Following the acquittal, well-organized separate action by the FIA appeared to have failed inspection to mistakes that meant attempt provided to the court was missing important information.[8]
Hawala business
The government's action against Hawala trade, which involves international network of acceptance dealers for making unrecorded payments in each other's countries, was one step in the program of the forex scam case.[9][10] These steps were taken disagree a time when the rupee depreciated by 30 percent desecrate the dollar since the dawning of 2008.