The Anti-Corruption Circle (ACC) of the Federal Investigation Agency (FIA) on Friday claimed to have uncovered a major gold and silver smuggling and illegal reprocessing network in Karachi during a large-scale crackdown carried out under the supervision of the FIA Karachi director.
Officials said the ACC conducted simultaneous raids in Saddar targeting a residential unit, a factory, and a commercial outlet linked to the smuggling network. During the operation, suspect Tariq Mahmood, director of TGM Gold Bullion Pvt Limited, emerged as a key figure in the alleged racket.
Investigators revealed that smuggled silver was being brought into Karachi from Iran, Afghanistan, and Dubai. The silver was allegedly melted down to erase foreign hallmarks before being reprocessed and sold in the local market. The FIA recovered 5,542 tolas of silver and 40 tolas of gold during the raids. Authorities also seized machinery, fabrication dies, and other important evidence linked to the illegal operation.
According to officials, the total value of the recovered precious metals exceeds Rs66.6 million. Cases had been registered against Tariq Mahmood, Javed Khan, and other suspects, while investigators said the crackdown had exposed links to a larger organised smuggling network.
