Javed Khanani of Khanani and Kalia International money changers commits suicide in Karachi

[Devil Soul]

Javed Khanani commits suicide in Karachi
DAWN.COM — PUBLISHED 6 minutes ago
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Javed Khanani, a director of Khanani and Kalia International money changers, committed suicide in Karachi on Sunday, DawnNews reported.

Javed's brother, Altaf Khanani, pleaded guilty to money laundering charges before a United States court in November and was facing a maximum penalty of 20 years in prison plus a fine of $250,000.

Javed Khanani and Munaf Kalia were arrested by the FIA in a dramatic raid in November 2008 when a complaint lodged against one of their franchises in Gujranwala led to the discovery of a parallel money transfer system being operated by their company — KKI — for purposes of transferring money out of the country through illegal hundi/hawala channels.

Their arrest sparked much commentary that their company was largely responsible for the massive flight of capital that took place from Pakistan in those days, putting serious pressure on the exchange rate and prompting an emergency appeal from the government to the International Monetary Fund.

Their company reportedly carried out 40pc of all money exchange transactions in the country at the time, according to the FIA officials connected with the investigation quoted on record in the days after the arrest.

Multiple cases were registered against them in Karachi, Lahore and Abbottabad, for running a hundi/hawala operation, among other affiliated charges.

In January 2015, Javed Khanani was charged again by the FIA in a fresh hundi/hawala transaction discovered after all the original cases against them were finished.

He was held briefly in custody, along with his manager, before being released on bail.

 

[padamchen]

Wonder why no one is speaking of this as one of the positive effects of demonetization by our PM Modi. Why are our presstitutes not shouting shrilly about this as if they were being savaged from a hitherto unknown orifice.

This man was famous for changing money for Dawood Ibrahim and the Lashkar and Haqqani organizations.In the last 10 years, he and his company had already pumped Rs. 2 Lakh Crore fake money into India.

And he had Rs. 40,000 Crores of fake Indian currency notes of high denominations ready currently, when news of his suicide came.

@Joe Shearer @BABA AGHORI

 

[Jacob Martin]

Rs. 2 Lakh Crore fake money into India.

Where did you get that number from?

https://www.rbi.org.in/SCRIPTs/PublicationsView.aspx?id=14947

Official RBI data says much lower. Even if we assume that the upper estimate in Media is correct, that's still not more than 400 crores right now. So historically could be as high as 2,000 crores - 1% of what you stated.

 

[padamchen]

Where did you get that number from?

The Dawn.

 

[Jacob Martin]

The Dawn.

RBI has different numbers. Indian Statistical Institute did the only extensive study on the subject of FICN, and came up with a number of Rs.400 crores. Even if we assume the correct number is 5 times as much, that is still 1% of the claimed figure.

Something being off-mark by such a margin should make us pause.