KARACHI – Javed Khanani, the owner of Khanani and Kalia foreign exchange company, reportedly committed suicide  in Karachi on Sunday.

Khanani died reportedly after falling from an under-construction building in Karachi..

SP Gulshan-e-Iqbal Dr Fahad Ahmad Mukhtar, the death could have resulted due to suicide. He also disclosed that the body had been transferred to Javed Khanani’s house.

The under-construction building was owned by the deceased, which is located at Muhammad Ali Society area in Karachi.

Khanani is one of the directors of money exchange firm Khanani and Kalia International and was held by FIA in 2014 on charges of transferring foreign currency worth Rs140 million out of Pakistan.

Javed’s brother, Altaf Khanani, pleaded guilty to money laundering charges before a United States court in November and was facing a maximum penalty of 20 years in prison plus a fine of $250,000.

Javed Khanani and Munaf Kalia were arrested by the FIA in a dramatic raid in November 2008 when a complaint lodged against one of their franchises in Gujranwala led to the discovery of a parallel money transfer system being operated by their company — KKI — for purposes of transferring money out of the country through illegal hundi/hawala channels