LAHORE: Federal Investigation Agency (FIA) arrested the Chairman of ZARCO Money Exchange company Lakht Hussain after the cancellation of his bail by the Lahore High Court (LHC), here on Thursday.

A Division Bench of LHC comprising the Chief Justice Khawaja Muhammad Sharif and Justice Ijaz Ahmad Chaudhry was hearing the bail application.

The counsel for the accused argued that the State Bank of Pakistan did not ban the operation of ZARCO company.

He prayed the court to grant bail to his client.

FIA submitted that the accused transferred heavy amount of foreign currency abroad illegally while a large number of bogus secret accounts have also been detected during investigation which were used for illegal money transfer.

The employees, dealers, franchisees and the victims of the company were also present in the court.

The DB after hearing the arguments by the parties dismissed the bail application while FIA arrested the accused from compound of the court.LINK