KARACHI: Police in Pakistan’s southern Sindh province have arrested a man suspected of supplying fake currency notes to different markets in Karachi, said officials on Friday, adding the accused was part of an organized network that circulated bogus US dollars and Pakistani rupees.
Last month, a woman got a fake currency note while withdrawing money from a cashpoint in downtown Karachi. She mentioned the incident on her social media account, informing that the bank note had a printed inscription in Urdu that said “Child’s Play.”
The woman also lodged a complaint with her bank, though its management reportedly did not redress her grievance.
A police official told Arab News on Friday a suspect, Akbar Sher, had been arrested while carrying forged US dollars and Pakistani currency notes.
“The accused, Akbar Sher, was present with a bag containing US and Pakistani currency notes when we arrested him on a tipoff,” Safdar Mashwani, station house officer in the city’s Gulistan-e-Jauhar neighborhood, said.
He added the suspect was member of an organized network supplying such currency to different markets in the city.
“We are also trying to arrest other members of the network,” he continued.
Mashwani said police were trying to obtain details from the accused about the fake currency and whether it was being printed locally.
“At present, what we know is that there is a big network supplying such bank notes,” he added.
Police in Karachi also arrested five individuals for circulating fake currency in October.
Police in Karachi arrest man for circulating fake US dollars, Pakistani rupees
https://arab.news/2tk6k
Police in Karachi arrest man for circulating fake US dollars, Pakistani rupees
- Officials believe the suspect is part of an organized network supplying bogus bank notes to markets
- Police have initiated investigations while trying to figure out if the fake currency is printed in Pakistan
Pakistan says in talks with UAE over $2 billion loan rollover
- UAE’s $2 billion loan matured in January this year, with no announcement on its status from Pakistan’s central bank
- Pakistan’s Finance Minister Muhammad Aurangzeb assures reporters there is “absolutely no issue” with UAE loan rollover
ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb said on Wednesday that Islamabad was in talks with the UAE on rolling over its $2 billion loan, clarifying that there was no cause for concern over the matter.
The UAE has rolled over deposits worth $2 billion with Pakistan’s central bank since 2023, helping the South Asian country shore up its foreign exchange reserves.
The loan first matured in January this year and again in February. However, Pakistan’s central bank has not made any announcement about its status.
“We are directly in communication with them [UAE],” Aurangzeb told reporters in response to a question about whether the Gulf country had officially rolled over the loan or not.
“There is absolutely no issue with the rollover. I want to be very categorical.”
Loan rollovers from China, Saudi Arabia and the UAE are crucial for Pakistan as its fragile economy has struggled for decades with boom-and-bust cycles.
The UAE is Pakistan’s third-largest trading partner after China and the US, and a major source of foreign investment, valued at over $10 billion in the last 20 years, according to the UAE foreign ministry.
It is also home to more than a million Pakistani expatriates, making the country a major source of remittances for Pakistan.
