FIA application alleges State Bank notes sold illegally

FAISALABAD: (Web Desk) – An application has been filed with the Federal Investigation Agency against Madam Fouzia, General Manager of the State Bank of Pakistan Faisalabad, alleging misuse of authority during the Eid-ul-Fitr period. The complaint claims that bundles of new currency notes were distributed to individuals linked to an organized mafia rather than to genuine beneficiaries.

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According to the application, substantial cash deposits were made in exchange for the new notes. However, smaller denomination notes quickly appeared on the black market at exorbitant prices, with Rs 10 notes reportedly selling for Rs 1,500–1,700, Rs 20 notes for Rs 3,000, and Rs 50 notes for Rs 6,500. The report further alleges that certain State Bank staff may have colluded with these groups.

The complaint highlights that the public is unable to access new notes through regular banking channels, while illicit copies continue to circulate at inflated rates. It also claims that the State Bank Faisalabad has failed to implement directives issued by the Government of Pakistan.

The application requests that the FIA seize relevant State Bank records and initiate action against those responsible for facilitating the illegal distribution and black-market sale of new notes.