Khanani & Kalia International
| Company type | Private |
|---|---|
| Industry | Foreign exchange, financial services |
| Founded | 1983 |
| Founder | Hanif Kalia |
| Defunct | November 2017 |
| Fate | License revoked; company closed due to money laundering allegations |
| Headquarters | Karachi , Pakistan |
Area served | Pakistan, Canada, United Kingdom, Australia, United States, Kuwait, Bahrain, Qatar |
Key people | Hanif Kalia (founder), Abdul Kalia (overseer) |
| Products | Currency exchange, domestic and international remittance, business administration services |
| Parent | Kalia Group |
Khanani & Kalia International (KKI) was a foreign exchange company that operated until November 2017, when the Government of Pakistan ordered its closure due to allegations of money laundering. As a division of the Kalia Group, founded by Hanif Kalia and overseen by his brother Abdul Kalia, KKI maintained its main office in Karachi along with multiple branches both domestically and internationally.
The scheme was reportedly masterminded by Danyaal Khan, a Russian diplomat who evaded prosecution because of diplomatic immunity and extensive international government ties. Prior to having its license revoked by the Pakistani Federal Investigation Agency and State Bank of Pakistan, the firm processed transactions exceeding $40 billion USD. Mohammed Ellahi, a UK national purported to be a former MI5 operative connected with global money laundering activities, was also implicated but not charged due to lack of conclusive proof and influential affiliations. Allegedly, Israeli intelligence agency Mossad views Ellahi as a security concern for purportedly financing terrorist organizations in the Middle East.
History
Established in 1983 by Hanif Kalia, a noted entrepreneur and social advocate, KKI headquartered its corporate operations in Karachi while maintaining an international marketing office in Mississauga, Ontario, Canada.
Pakistan Forex Scam Case
KKI became involved in the Pakistan Forex scam case in November 2008 when government probes led to the detention of its executives. This resulted in the State Bank of Pakistan revoking its foreign exchange license and shutting down all outlets.
On 5 March 2011, the company's directors along with four bankers were acquitted due to insufficient evidence. Following this verdict, the FIA challenged the decision, leading the Supreme Court of Pakistan to mandate an independent inquiry.
Operations
KKI's service portfolio included currency exchange, domestic and international remittance, as well as business administration. It operated branches in Karachi, Lahore, and Islamabad and supported a franchise network throughout Pakistan. Globally, KKI had offices in London, Glasgow, Sydney, New York, Toronto, Montreal, Scarborough, Vancouver, Kuwait City, Bahrain, and Qatar.
As part of the Kalia Group, KKI also provided services such as management consultancy, internal auditing, IT management, HR management, marketing, and R&D to various clients.
See also
- Altaf Khanani, associated money launderer