FIA unearths sugar mafia's mega financial scam
The FIA has formed 20 teams to launch a massive crackdown against the sugar mafia.
ISLAMABAD (Dunya News) - The Federal Investigation Agency (FIA) has unearthed a mega financial scam involving country s sugar industry ahead of the holy month of Ramazan, Dunya News reported.
The Federal Investigation Agency (FIA) has formed 20 teams to launch a massive crackdown against the sugar mafia. The crackdown will be launched under anti-money laundering act.
The FIA has recovered solid evidence from sized 32 mobile phones and laptops, while it has been decided to probe the bank accounts of the leading elements in this illegal activity.
According to sources, the sugar mafia increased the price of sugar through speculation (Satta Bazi) and creating artificial shortage of sugar in the country.
Sources said that the speculation (Satta Bazi) is being supported by all major sugar groups of the country including Tareen and Sharif, Hamza, Thal and alliance groups.
The sugar mafia hiked the commodity’s ex-mill price from Rs 70 per kilogram to Rs 90 during the past year and earned over Rs 110 billion through satta, the sources added.
The mafia was involved in creating artificial shortage of the essential item and raising the rates of the commodity. The sugar mafia had hundreds of fake bank accounts to conceal the money earned through illegal means, sources said.
