Police arrest two Taliban militants engaged in fundraising activities in Pakistan’s southeast

Police stand guard along a road they blocked after Taliban militants seized a police station in Bannu on December 19, 2022. (AFP/File)
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Updated 14 June 2023
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Police arrest two Taliban militants engaged in fundraising activities in Pakistan’s southeast

  • Experts say the Taliban are still relying on Karachi to generate revenue despite a decrease in the number of extortion cases
  • Officials say the Taliban wanted to utilize Eid Al-Adha to gather funds in the name of deceased militants from sympathetic people

KARACHI: Police in Pakistan’s southern Sindh province announced the arrest of two Taliban militants in Karachi on Wednesday, stating they had come to the city to raise funds for their operations ahead of the Muslim festival of Eid Al-Adha.

Militant groups such as Al Qaeda and Tehreek-e-Taliban Pakistan (TTP) were known to have maintained their presence in Karachi, Pakistan’s largest city, in the past before security forces took control of the situation by launching military operations in different parts of the country.

However, experts said the recent arrests in the city indicated that proscribed armed factions were still relying on the city to secure financial support.

“A federal sensitive organization and CTD [Counter Terrorism Department] Sindh, in a joint information-based operation, arrested two Tehreek-e-Taliban Pakistan [TTP] activists from different parts of the city and recovered a sum of Rs40,900 from their possession,” said an official statement.

According to the statement, a man named Fazlur Rehman was arrested from the New Karachi industrial area, while another one, Rahim Afridi, was apprehended from the Sher Shah neighborhood of the city.

It added that both arrested individuals were trained militants dispatched by their leader, Commander Saifullah, from South Waziristan to raise funds for the families of their group’s operatives ahead of Eid Al-Adha.

Speaking to Arab News, Mazhar Mashwani, a CTD official, said Fazlur Rehman had received training as a suicide bomber, and four of his close associates had detonated themselves while launching attacks in different parts of the country.

The official further added that since the militants were deployed individually for fundraising purposes, they remained unaware of how many of their fellow militants were carrying out the same activity.

“There could be more, as the Taliban see the Eid festival as a favorable opportunity to gather funds in the name of deceased militants and their families,” Mashwani said.

Last week, the CTD announced the arrest of another TTP militant, Ghulam Nabi, in Karachi, who was actively involved in soliciting funds through social media platforms.

In March, Senior Counterterrorism Officer Raja Umar Khattab informed Arab News that one of the militants involved in an attack on the police headquarters in Karachi earlier this year in February revealed the militants had financed the operation through extortion money obtained from a local business.

The revelation suggests the continuing extortion incidents in the city despite a decline in their number, leading experts to believe the Taliban still depend on Karachi to bankroll their operations.

“The arrests of two Taliban members raising funds in Karachi indicate that the militant organization still looks toward the Pakistani metropolis for financial support,” said Zia Ur Rehman, a Karachi-based researcher and journalist.

He maintained that the city had been a fertile place for such financing activities, where bank robberies and kidnapping for ransom were not uncommon.

“There are reports of extortion by the Taliban as well, but their fundraising through these forceful means has decreased drastically after the restoration of normalcy in the city following the paramilitary-led Karachi operation,” Rehman said.

“Fundraising through contacts and like-minded people has always been a source of income for the Taliban,” he added.


Pakistani stocks lose over 6,000 points due to heavy selling, regional tensions 

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Pakistani stocks lose over 6,000 points due to heavy selling, regional tensions 

  • KSE-100 index fell 6042.26 points or by 3.21 percent to close at 182,338.12 points, Pakistan Stock Exchange data states
  • Analysts say heavy selling triggered by Fauji Fertilizer Company’s earnings announcement, which fell short of expectations

KARACHI/ISLAMABAD: The Pakistan Stock Exchange (PSX) saw a massive drop of over 6,000 points on Thursday, which financial analysts attributed to heavy selling in the market and geopolitical tensions between Iran and the US. 

The KSE-100 index fell by 6042.26 points or 3.21 percent to close at 182,338.12 on Thursday evening, the PSX data showed, down from the previous close of 188,380.38 points.

The development took place as US President Donald Trump warned Iran this week that “time is running out” for the nation to negotiate a deal on its nuclear program, following the steady build-up of US military forces in the Gulf.

Meanwhile, Pakistani brokerage firm Topline Securities said equities witnessed a sharp sell-off in the stock market on Thursday, causing Pakistani stocks to plunge into a “severe downturn.”

“The steep decline was largely driven by Fauji Fertilizer Company’s (FFC) earnings announcement, which fell short of market expectations due to weaker-than-anticipated gross margins,” Topline Security’s Senior Equity Trader Naveed Nadeem said. 

Nadeem noted that the FFC, United Bank Limited (UBL), Engro Corporation (ENGROH), Oil & Gas Development Company (OGDC), and Hub Power Company (HUBC) collectively shaved 3,155 points off the benchmark index during the session.

Najeed Warsi, chief business officer at Al Habib Capital Markets, agreed. 

 “FFC’s [Fauji Fertilizer Company] below-expectation results didn’t help, triggering a sell-off,” he added. 

Ahsan Mehanti, CEO of Arif Habib Commodities, said geopolitical tensions between Washington and Tehran triggered the selling activity as well as the central bank’s recent decision to keep policy rate unchanged.

“Geopolitical uncertainty and SBP [State Bank of Pakistan] status quo in the policy rates projecting high inflation played a catalyst role in selling activity at PSX,” he said. 

Pakistan’s central bank held its key policy rate unchanged ​at 10.50 percent on Monday, defying market expectations for further easing.