[citation needed] Zarco Exchange has a large scale network of office nationwide.
[citation needed] In August 2009 Zarco became the second Forex company to be closed after Khanani and Kalia in what became known as the Pakistan Forex Scam Case when the Pakistan Finance ministry accused Zarco of money laundering and illegal money transfers to other countries.
[2] Zarco Exchange CEO, Sayd Lakht-e-Hussnain denied being involved in any fraud and a complex legal dispute followed resulting in claim and counter claim of fraud and deception by the State Bank of Pakistan and Zarco and its management.
This resulted in its license being withdrawn and a number of allegations made against its directors and manager in relation to money laundering.
[5] In February 2011 Sayd Lakht-e-Hassnain was released by the Federal Investigation Agency after it decided to no longer pursue the case.