Plea against Khanani & Kalia directors? acquittal dismissed

The Sindh High Court (SHC) on Wednesday dismissed the Federal Investigation Agency’s (FIA) appeal against the acquittal of the directors of the money exchange company Khanani & Kalia in a multi-billion-dollar money laundering scam as the FIA failed to provide sufficient evidence to get an order for a retrial.The FIA had challenged the acquittal of the money exchange company’s directors Hanif S Kalia, Abdul Munaf Kalia, Javed Khanani, Atif Aziz Polani and others by a special court for banking offences on March 4, 2011. They were prosecuted by the investigation agency on charges of running an illegal foreign exchange and parallel banking network.According to the FIA, the Khanani & Kalia directors were involved in illegal transfers of massive foreign exchange amounts in collusion with different exchange companies, money changers and business persons.The investigation agency claimed that the Khanani & Kalia directors received amounts from overseas Pakistanis through foreign…

Original published: 2019-04-04 00:00:00 Read the full Karachi News here

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