FIA raids, seals Zarco Exchange Company outlets across Pakistan
In a shocking development, FIA raided, and sealed, Zarco Exchange Company outlets across Pakistan. The 727 outlets of Zarco, a leading money transfer company in Pakistan, were closed on money laundering allegations.
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 Nation reported on August 02 that Civil Lines police in Lahore unearthed financial scam of Rs 1.25 billion and arrested nine employees of Zarco Exchange company for their involvement in the embezzlement of the money.
Interestingly, it was reported that the Police registered an FIR under sections 420,468,471,408/34 of PPC on the complaint of the ZARCO Exchange Company’s Chief Executive Lakhte Husnain. He in the application alleged that his company’s employees embezzled money of his company through ‘dummy accounts’.
Modus operandi of the arrested employees was that they used to misappropriate money through fictitious consumers by showing their fake NICs being sent from abroad. He said that they had also misused the money sent by a Western company through ZARCO.
Apparently the FIA got interested and sealed all offices of Zarco, perhaps to be on the safe side.
This is another high profile raid by the government since the closure Khanani and Kalia International, nine months back. While claims of hard evidence were made at that time, government is yet unable to make significant progress in that case. The directors of Khanani and Kalia are still in jail, with their franchises sealed across country and their employees eventually jobless. Does same fate follow Zarco Exchange? Only time will tell.
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August 9th, 2009 10:50 GMT
While the home page of Zarco website remains unchanged, here is a message at one of the internal pages
ZARCO Customers: This website has been shut down; and as a result, no new transactions can be initiated.
For your convenience, previously processed transactions can still be
tracked through this site via your preexisting login credentials.
August 10th, 2009 16:34 GMT
Hello
well now who will deal payments with western union in Pakistain
Please reply
Thanks
Jawad Haider
August 10th, 2009 16:42 GMT
@Jawad: Pakistan Currency Exchange and Habib Qatar Exchange are already working as Western Union Agents in Pakistan. Also, some National Bank branches also offer this service, though their customer service is very pathetic.
August 11th, 2009 01:45 GMT
Pakistani intelligence is quite efficient these days
August 11th, 2009 18:19 GMT
asslam alikum brother kashif will it be still possible for a common man to receive money from western union??? waiting for reply
August 18th, 2009 11:39 GMT
hi Salam
please give me the address of habib qatar exchanger outlet in karachi
September 8th, 2009 15:30 GMT
Dear Sir
i want to know few of students transfer the tuition fees in different countries colleges and uni and now the fees are not deposited in the uni or college account and ZARCO offices are sealed what will happen with the students amounts and lot of students inter views are in few days and due to the delay in the tuition fees they will not be eligible for interviews .what is the solution sir?
please if possible reply me on my e mail bec i have seen lot of students tuition fees is stuck by ZARCO either they transfer money by WESTERN UNION OR BY T.T
best regards