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The FIA is investigating alleged hawala transfers linked to Z2C Limited and media group Hum Network
Aftab Maken
ISLAMABAD: Federal Investigation Agency (FIA) has launched an expanding investigation into alleged money laundering involving digital marketing firm Z2C Limited, media group Hum Network Limited, and payments linked to international cricket broadcasting and advertising deals.
The probe, led by the FIA’s Commercial Banking Circle in Karachi, centers on the alleged illegal transfer of about 9–10 million UAE dirhams through hawala and hundi networks. Investigators estimate the value of the transactions at roughly Rs 750–850 million, or about $2.7 million, according to officials familiar with the inquiry.
FIA authorities believe the uncovered amount may represent only a fraction of the total suspected transfers. Sources involved in the investigation say the overall volume of funds allegedly routed through informal channels during the past three years could reach several billion rupees.
The inquiry intensified after the FIA arrested Faisal, the chief financial officer of Karachi-based digital marketing firm Z2C Limited, during an operation on February 23, 2026. Investigators allege he facilitated cross-border financial transfers using hawala networks that bypass Pakistan’s regulated banking system.
Officials said the funds were allegedly moved overseas using informal remittance channels rather than through authorized financial institutions.
Z2C Limited’s chief executive officer Raihan Merchant has also come under scrutiny in the investigation. According to sources, the FIA issued two notices to the executive seeking explanations regarding the suspected financial transactions.
Company representatives said the documents requested by investigators were submitted through legal counsel for review.
In a statement responding to the allegations, Z2C Limited denied involvement in any illegal activity. The company said the arrested employee acted independently and that no company funds, clients, or corporate assets were used in the alleged transactions.
The firm said the employee had been suspended and pledged full cooperation with investigators. It also emphasized that the company itself was not formally under investigation.
The inquiry has also drawn attention to Hum Network Limited, a publicly listed Pakistani media company that operates the television channel Hum News.
FIA officials have summoned Mohsin Naeem, the company secretary of Hum Network, to appear before investigators. According to sources, the official has not yet appeared and is reportedly in Dubai.
Investigators say the media group’s name surfaced during the probe due to alleged financial links connected to advertising and broadcasting arrangements during the ICC Cricket World Cup.
According to officials familiar with the investigation, a Dubai-based company, Ten Sports FZE LLC, was involved in a commercial arrangement with Z2C related to World Cup advertising or broadcasting payments.
Sources say Ten Sports allegedly instructed Z2C to route certain payments to a Pakistani affiliate known as Tower Sports.
Investigators suspect Tower Sports may have functioned as a shell entity used to channel funds through hawala operators rather than formal banking channels.
Authorities believe the arrangement allowed payments linked to international cricket advertising deals to be moved across borders without regulatory reporting.
The alleged mechanism involved transferring funds abroad through informal networks before redistributing them locally through intermediaries.
According to investigators, some transactions were routed through a Karachi branch of JS Bank where suspicious activity was flagged.
The FIA carried out a raid at the bank branch after investigators reportedly discovered hawala-related data on a seized mobile phone.
During the operation, authorities detained branch manager Nauman Rauf and other individuals suspected of facilitating the transactions.
Officials said electronic devices seized during the raids, including laptops and mobile phones, revealed communications related to the suspected financial network.
Investigators also found evidence suggesting the use of intermediary “riders” who coordinated transactions through foreign SIM cards registered in Sri Lanka, Nepal, Dubai and Singapore.
Authorities believe these communications were used to manage the movement of funds and coordinate payments linked to advertising deals tied to international cricket tournaments.
The FIA says the investigation is ongoing and may widen as financial records and digital evidence are analyzed.
Officials said additional individuals or corporate entities could be summoned for questioning as the inquiry progresses.
Representatives of Hum Network and other parties mentioned in the probe have denied wrongdoing and described the allegations as unproven.
Investigators caution that the case remains at the inquiry stage and that no formal charges have yet been filed.
Officials familiar with the investigation say the transactions uncovered so far may represent only an initial layer of a broader financial network.
Authorities say the probe could reveal wider irregularities in financial transactions linked to Pakistan’s media and advertising industry as the FIA continues to examine the suspected hawala operation.
