KARACHI: Businessman Javed Khanani reportedly committed suicide by jumping off an eight-floor building in Karachi on Sunday.

SSP East Faisal Chacahar said Khanani fell from the 8th floor of an under-construction building located at Mohammad Ali Society. He was immediately taken to Liaquat National Hospital where he was declared dead upon arrival.

Javed Khanani and Munaf Kalia were arrested by the Federal Investigation Agency (FIA) in a raid in November 2008 after being accused of involvement in a major financial scam of the country, have during interrogation revealed that only in the last one month eleven people transferred Rs.38 billion worth of dollars to foreign countries. 

Read: 11 people involved in transfer of dollars worth Rs38 bn: Khanani, Kalia

Many cases were lodged against them in Karachi, Lahore and Abbottabad, for running a hundi/hawala operation, as well as other relevant crimes. As a result, their company's license was suspended by the government.

Read: Govt suspends Khanani & Kalia's license

In January 2015, Javed Khanani was alleged again by the FIA in a new hundi/hawala transaction after all the previous cases against them were dissolved.

He was held in custody for a short time before being released on bail.

Javed's brother, Altaf Khanani, was also found guilty in a money laundering case before a United States court in November 2016. He was going through a maximum penalty of 20 years in prison and a fine of $250,000.

Before being charged, Khanani and Kalia was one of the largest currency exchange companies in Pakistan, founded in 1983 by Hanif Kalia.