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.
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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.