KARACHI: The Federal Investigation Agency (FIA) on Sunday claimed to have arrested three brokers for their alleged involvement in hoarding of sugar.
According to the officials, their role in hoarding and causing increase in the price of the essential commodity through speculation surfaced during FIA’s action against ‘sugar mafia’ in Lahore.
A press release said that acting on credible information regarding activities of “sugar satta (speculation) mafia within the vicinity of Karachi to increase the rates of sugar in the open market, raids were conducted by the FIA’s Commercial Banking Circle (CBC). Three brokers, identified as Dayal Das, Santosh Kumar and Rajkumar, were arrested”.
“They were found to be involved in illegal satta in sugar market, using social media platforms and fake bank accounts. The illicit act of the arrested persons was causing an undue hike in the rates of sugar in the open market,” it added.
Two separate cases (FIRs 04/2021 and 05/2021) were registered under the relevant sections of the Anti-Money Laundering Act against the held persons.
The held suspects were operating through electronic means to dishonesty and fraudulently manoeuvre, manipulate and artificially hike sugar prices, amidst hoax of impending sugar stock shortages while sugar stocks were lying sold/unsold at mills and warehouses and the demand-supply gap was artificial, according to APP.
They were also indulged in opening/operating fake/unrevealed third-party accounts to conceal/disguise the illegitimate crime proceedings. The said accounts have been seized and the FIA recovered mobile phones, registers and laptop etc.
Published in Dawn, March 29th, 2021
