FIA raids Madviwalla Company in Karachi
Karachi: On Friday, Federal Investigation Agency (FIA) raided an entertainment company, Madviwalla office, which is also running a cinema in Karachi’s Saddar.
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FIA officials said that the reason of conducting a raid was because of the involvement of the company in laundering the money abroad. The illegal transfer of money was done through hundi and hawala by the company.
It was also said that the company also imports equipment of film making. Officials said that the company has laundered over Rs 100 million through hundi.
FIA on Friday raided the office of the company and seized their financial records and documents. The raid was conducted on the same building where the cinema is housed.
Moreover, the official spokesperson for Madviwalla confirmed the raid of Federal Investigation Agency. But denied the news of the arrest of Nadeem Mandviwalla.
The FIA arrested a staff member of the company and detained him. However, he was allowed to go after after the interrogation. Furthermore, the spokesperson added that, Mandviwalla entertainment is a law abiding organization and is cooperating with the agency.
Nadeem Mandviwalla’s name has been included in the list of 172 people whose names are on Exit Control List (ECL) for money laundering. He is allegedly charged of not paying for custom duties and being involved in hawala hundi business.