SUGAR MILLS LAUNCHES PROBE INTO RS 110 BILLION ILLICIT PROFITEERING

KARACHI: The Federal Investigation Agency (FIA) has launched an investigation into money laundering and money laundering of Rs 110 billion by sugar mills through speculation. In protest against the FIA raids, sugar dealers closed the market and suspended business activities.

Sugar dealers say they cannot continue business in this situation. If the raids do not stop, the scope of the protest will be widened. Is revealed.

According to FIA sources, the sugar mafia has increased the ex-mill price of sugar from Rs 70 to Rs 90 in a year. The price is constantly being raised. The mafia has illegally earned Rs 110 billion in a year.

According to sources, all the major sugar groups have been found involved in the speculation. The owners of these sugar mills are from Rahim Yar Khan, Khanewal, Patoki, Chiniot, and Sindh. The FIA has obtained solid evidence from 32 mobile phones and laptops and has also decided to register cases and make arrests.

Sources said that the sugar mafia was conspiring to increase sugar prices further during Ramadan. According to NNI, the FIA raided the houses of sugar dealers last night in connection with the sugar scandal and seized records from the houses.

According to sources, the FIA raided the houses of sugar dealers in different areas of Lahore between Monday and Tuesday night but no arrests were made.

Mobile phones of sugar dealers and family members were seized in the raids. Laptops, CCTV cameras, and DVR records were recovered. According to the APP, the FIA exposed the sugar mafia involved in financial fraud, illegal trade, and money laundering.

According to the FIA, Sharif Group, Tareen Group, Alliance Group, Al-Mu'izz Thal Group, and Hamza Group have been found responsible for the artificial rise in sugar prices by creating an artificial shortage of sugar. Found from phones and laptops used by this corrupt mafia.

FIA sources said on Wednesday that the sugar mafia made Rs 110 billion a year through speculation, which led to an increase in sugar prices by Rs 70 to Rs 90, and that the illicit money obtained from the gambling was counterfeit and Accumulated in secret accounts.

Sources said that FIA Lahore has formed 20 teams for this the purpose which will start crackdown against sugar mafia under the supervision of FIA Director Lahore.