Pakistan Forex scam case
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In November 2008 Munaf Kalia (CEO of Khanani and Kalia International (Pvt.) Ltd.), Yusuf Kalia, and associates, were charged with illegally transferring funds from Pakistan to Afghanistan.[1] In light of the charges, the State Bank of Pakistan revoked the license for Khanani and Kalia International to operate its foreign exchange business and shut down its offices.
On March 5, 2011, the directors of Khanani and Kailia International and four bankers were acquitted of all charges due to lack of evidence. The judge cited the prosecution's failure to present evidence that directly implicated the defendants.[2]