PRI kidnappings: the price of rising remittances?

"We are cracking down against those involved in illegal transfers of foreign exchange and we may be at risk from these people", Pakistan Remittance Initiative (PRI) Head, Najamus Saqib told BR Research in an exclusive interview on Monday May 23, 2011.
A week later Saqib went missing along with his marketing head, Nadeem Bhurgri, and Senior Vice President UBL, Atif Shehzad, when the trio were on their way back from a dinner outing on the outskirts of the city.
A case has been registered against unidentified kidnappers at Bin Qasim police station in this regard and authorities have speculated to local newsmen that the alleged kidnappers may be eyeing ransom in exchange for the bankers.
However, given the suspicions voiced by the PRI head and his untainted record for cornering those involved in illegal transfers of foreign currency from the country; it appears that there may be a different motive behind the crime.
PRI was officially launched as a joint initiative of the State Bank of Pakistan, Ministry of Finance and Ministry of Overseas Pakistanis in October 2009. Since that time, the organisation has been instrumental in raising the quantum of remittances received by the country. In recent months, remittances sent to the country by Pakistani expatriates have surged to over $1 billion per month, from an average of $658 per month in FY09.
During his interaction with BR Research, Saqib had asserted that up to $8 billion a year in remittances are being routed through illegal channels of hawala and hundi. He had contended that the countrys annual remittances may cross $20 billion if these illegal activities can be thwarted and the flow of funds be channelled through legal processes.
The PRI head has also been very vocal at various public speaking platforms against hundi mafias and illegal networks of money exchangers and gateways.
Police have only been searching for the trio for a few hours so far, as the police report was registered on Tuesday. However, given the impact of their work on illegal money exchangers, suspicion shifts to the money changer mafia.
After all, not only does this camp have a lot to lose because of the work being carried out by PRI; they are also capable of using such heavy-handed tactics to deter any proceedings that can clip their gains. The authorities are best advised to check all possibilities.