FIA uncovers major gold and silver smuggling network in Karachi

Federal Investigation Agency (FIA) has carried out a major crackdown in Karachi, exposing an alleged gold and silver smuggling and illegal reprocessing network, according to an FIA spokesperson.

The operation was conducted under the supervision of the FIA Karachi Director by the Anti-Corruption Circle (ACC) Karachi, delivering what officials described as a significant blow to the smuggling mafia.

According to the FIA, Tariq Mahmood, Director of TGM Gold Bullion Pvt. Limited has emerged as the central figure in the case.

Investigators revealed that smuggled silver was allegedly being transported to Karachi from Iran, Afghanistan and Dubai. The silver was reportedly melted down to erase foreign hallmarks before being sold in the local market.

Simultaneous raids were conducted in the Saddar area of Karachi, targeting a residential unit, a factory and a commercial outlet linked to the operation.

During the raids, authorities recovered 5,542 tolas of silver and 40 tolas of gold, dealing a major setback to the alleged smuggling network. Machinery, fabrication dies and other important evidence were also seized during the operation.

The estimated value of the recovered precious metals exceeds Rs66.6 million, according to FIA officials.

Cases have been registered against Tariq Mahmood, Javed Khan and other suspects, while investigators say further links within the wider network are beginning to emerge.

The FIA added that scrutiny of the suspects’ assets and investigations into the international supply chain are ongoing, with further arrests expected.

The agency reiterated its commitment to bringing smugglers and their facilitators to justice under the law.