FIA exposes sugar mafia’s money laundering network

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Lahore

The Federal Investigation Agency (FIA) has exposed the sugar mafia involved in monetary fraud, speculative trade and money laundering as it got evidences of persistent increase in sugar prices through creating artificial shortage of the commodity.

The sugar mafia earned Rs 110 billion in a year by increasing the sugar prices from Rs 70 to 90 by practicing ‘Satta’ gambling and stashed the illegally gotten amount in fake and secret accounts, FIA sources said on Wednesday.

Almost all the major sugar producing groups, including Sharif Group, Tareen Group, Alliance Group, Almoiz Thal Group and Hamza Group were found involved in the gambling. The FIA got evidences about their corrupt practices from 32 cell phones and laptops.

It was also revealed that the sugar mafia would also conspire to further increase sugar prices through gambling in the month of Ramazan.

The FIA has decided to investigate and scrutinize the accounts of prominent members of sugar gambling mafia, and then arrest them after registration of cases under Anti-Money Laundering Act.

For the purpose, the FIA Lahore had formed 20 teams, which would launch a crackdown against the sugar mafia under the supervision of the Director FIA Lahore, the sources said.—APP

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