KARACHI: Authorities have foiled a major attempt to smuggle billions of Iranian rials into Karachi and arrested nine members of an inter-provincial gang, including women.According to Senior Superintendent of Police (SSP) Keamari Malik Sanghar, the group was attempting to smuggle approximately 29.69 billion Iranian rials into the city.He said the suspects had concealed the currency inside the tyres of two vehicles in a sophisticated attempt to evade detection. The operation is being described as one of the biggest currency smuggling busts in recent years.SSP Sanghar added that the gang used multiple routes to transport the smuggled currency from Iran through Balochistan into Karachi.All nine arrested suspects have been handed over to the Federal Investigation Agency (FIA) for further investigation.Authorities said further inquiries are underway to determine the full network behind the smuggling operation.Also Read: Iranian Rial to Pakistani Rupee Rate Today- April 14, 2026The Iranian Rial (IRR) is the official currency of the Islamic Republic of Iran, introduced in 1798 and regulated by the Central Bank of Iran. It has faced significant devaluation pressures over the years due to international sanctions, inflation, and geopolitical factors, leading to redenomination discussions.In Pakistan’s exchange markets, particularly in Karachi and border regions, the Iranian Rial has seen a sharp surge—reports indicate it has gained nearly fourfold in value recently. For instance, 10 million Iranian Rials, which once traded around PKR 2,500, are now fetching up to PKR 10,000 according to exchange companies.