$800 million worth of foreign currency seized from Saudi vehicle
Police seized a vehicle full of foreign currencies, reportedly estimated at over SR3 billion.
The currencies were being transported to a neighboring Gulf country. Col. Fahd Al-Habdan, spokesman of Buraidah police, said that two Saudis were taken into custody and they are under interrogation.
He said that the citizens told police that they were engaged in money exchange business during Haj and the collected money was being taken to a Gulf bank.
According to Al-Habdan, policemen at Al-Noqra checkpoint, west of Al-Qasim, stopped the vehicle and found bags full of currencies.
According to reports circulated through social networking sites, the seized money include currencies of Iran, Iraq, Turkey, India, Indonesia, Bangladesh, Egypt and Morocco.
However, Al-Habdan refused to disclose the total amount of money.
- Is Islamic finance the sustainable banking model the banking world has been looking for?
- Less is more? In ironic twist, UAE's low income earners found to be saving more
- Egypt has a secret Swiss bank, except everyone knows about it
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?