Illegal Pakistani FX broker 'beats up' authorities

Thursday, 26/01/2012 | 08:42 GMT by Adil Siddiqui
Illegal Pakistani FX broker 'beats up' authorities

Five members of Pakistan’s Federal Investigation Agency were brutally beaten by members of a Forex Exchange trading firm in the countries financial capital of Karachi.

The law enforcement officers were conducting a visit to the broker who is alleged to be dealing in illegal trading of FX. Pakistan’s regulator the SECP (Securities and Exchange Commission of Pakistan) does not classify FX as a regulated asset class.

The authorities visited the premises without a warrant and upon arrival were beaten by staff at the brokerage. Five members of the team were taken to hospital with severe injuries.

Pakistan has a massive underground FX environment, one of the oldest in the region with strong volumes.

Forexmagnates team will be covering the state of FX in the next quarterly report.

Five members of Pakistan’s Federal Investigation Agency were brutally beaten by members of a Forex Exchange trading firm in the countries financial capital of Karachi.

The law enforcement officers were conducting a visit to the broker who is alleged to be dealing in illegal trading of FX. Pakistan’s regulator the SECP (Securities and Exchange Commission of Pakistan) does not classify FX as a regulated asset class.

The authorities visited the premises without a warrant and upon arrival were beaten by staff at the brokerage. Five members of the team were taken to hospital with severe injuries.

Pakistan has a massive underground FX environment, one of the oldest in the region with strong volumes.

Forexmagnates team will be covering the state of FX in the next quarterly report.

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About the Author: Adil Siddiqui
Adil Siddiqui
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