Zarco Exchange Company Sealed across Pakistan

Sunday, August 9, 2009 at 12:42 am under Business News

Zarco Exchange Company Sealed across Pakistan ISLAMABAD Pakistan: Zarco Exhcange Company, with its corporate headoffice in Lahore, is the oldest Western Union Money Transfer Agent in Pakistan. It has its branches and franchises across Pakistan and used to provide good customer service. However, recently things started to turn nasty and customers started complaining about the agents being short of funds or not making deliveries on time. The Cyber Crime Circle of Federal Investigation Agency (FIA) has closed 727 branches of Zarco Money Exchange company across the country including its head office and arrested eight people on charges of money laundering.

FIA, on public complaints, raided the head office of Zarco Money Exchange company at Larnce Road in Lahore and took into custody all the records relating to money transfer.

Syed Lakht-ul-Hasnain, owner of the company, is at large. FIA has arrest warrant against the owner.

Those arrested include IT Engineer Abdul Musavir Waqar, Shahid Butt, Nadim Ishtiaq, Irfan Ishaq, Shahbaz Khan, Qadir Malik and Kashif Javed.