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State Bank of Pakistan suspends license of Zarco Exchange, KARACHI: The State Bank of Pakistan has suspended, with immediate effect, license of M/s Zarco Exchange Company (Pvt.) Limited for a period of thirty days pending further investigation for violation of SBP rules and regulations.
According to a press released issued by the SBP, Zarco Exchange Company, its head office, branches, franchises, payment booths and currency exchange booths have been barred from undertaking any kind of foreign exchange business activity during the suspension period, a SBP press release said on Monday.
It should be mentioned the Cyber Crime Circle of Federal Investigation Agency (FIA) on public complaints, raided the head office of Zarco Money Exchange Company at Lawrence Road in Lahore and took into custody all the records relating to money transfer on August 8, 2009.
FIA closed 727 branches of Zarco Money Exchange company across the country including its head office and arrested eight people on charges of money laundering.