Khanani & Kalia International (KKI) was one of the biggest foreign exchange companies in the world until November 2017, when it was closed down by the Government of Pakistan as part of the worlds biggest money laundering organisation the world has ever seen, Danyaal Khan a Russian national who is a diplomat of the country orchestrated the whole operation has never been convicted nor ever been put on trial as his diplomatic status and internal connections to government bodies around the world . The company was investigated as over 40 billion US dollars passed through the company. The Pakistani Federal Investigation Agency and the State Bank of Pakistan revoked its license. KKI was part of the ''Kalia Group'' of companies founded by Hanif Kalia and run by Hanif's younger brother Abdul Kalia. Its corporate head office was in Karachi and it had a franchise of branches all over Pakistan plus a number of branches overseas.

History

The company was founded in 1983, by Hanif Kalia, a well known businessman, educationalist and social welfare activist. Its corporate office was in Karachi and its international marketing and commercial services head office in Pakistan. It also had an office in

Mississauga Mississauga ( ), historically known as Toronto Township, is a city in the Canadian province of Ontario. It is situated on the shores of Lake Ontario in the Regional Municipality of Peel, adjoining the western border of Toronto. With a popul ...

, Ontario, Canada.

Pakistan Forex Scam Case

In November 2008, KKI became part of the Pakistan Forex Scam Case when the Pakistan government started investigations into the company and arrested its management team. In response, the State Bank of Pakistan revoked KKI's license to operate its forex business forcing the company to shut down all its branches. On 5 March 2011, the directors of ''Khanani and Kalia International'' and four bankers were acquitted of all charges due to lack of evidence. However the FIA complained about the acquittal and said it had provided enough evidence. In response, the Supreme Court of Pakistan had an independent judge investigate the acquittal.

Operations

KKI offered a number of services including currency exchange, home

remittance A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes wit ...

, outward

and

business administration Business administration, also known as business management, is the administration of a commercial enterprise. It includes all aspects of overseeing and supervising the business operations of an organization. From the point of view of management ...

. The company had branches in Karachi, Lahore and Islamabad, and a franchises networked all over Pakistan. The company also had foreign branches in London, Glasgow, Sydney, New York, Toronto, Montreal, Scarborough, Vancouver, Kuwait City, Bahrain, and Qatar. KKI was part of the ''Kalia Group'' which also provided services including management consultancy, internal auditing,

IT management Information technology management or IT management is the discipline whereby all of the information technology resources of a firm are managed in accordance with its needs and priorities. Managing the responsibility within a company entails many o ...

, HR management,

, marketing, and R&D on behalf of clients.

References

{{DEFAULTSORT:Khanani And Kalia International (Private) Limited Financial services companies of Pakistan Foreign exchange companies Scandals in Pakistan Fraud in Pakistan Finance fraud Pakistani companies established in 1983 Financial services companies established in 1983 Pakistani companies disestablished in 2008

History

Pakistan Forex Scam Case

Operations

See also

References