Islamabad: The Federal Investigation Agency (FIA) has frozen more than 100 counterfeit banknotes and benami bank accounts of 40 key figures in the sugar mafia.
As per details, the FIA has launched an investigation against the sugar cartel over fraud of Rs110 billion. The mafia earned the money through satta on the sugar.
The FIA has formed 20 teams to launch a massive crackdown against the sugar mafia. The agency has recovered evidence from seized 32 mobile phones and laptops.
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 participates in the artificial shortage of basic goods and raises the price of goods. According to sources, the Mafia has hundreds of forged bank accounts to cover up money earned through illegal means.