Treasure Magazine

Treasure Magazine

FIA seizes bank accounts 100 key figures of ‘Sugar Mafia’

1 min read
sugar

LAHORE: The Federal Investigation Agency (FIA) has seized bank accounts of 100 key figures of the sugar mafia, TV Media Reports said, citing FIA sources.

The FIA had formed 20 teams to launch a massive crackdown against the sugar cartel, earlier this week.

As per sources, more than 100 fake and benami bank accounts of the sugar mafia have been seized. The FIA has launched an investigation against the sugar cartel over fraud of Rs 110 billion, last year.

The mafia earned the money through satta on the sugar.

Earlier this week, the FIA had registered at least two money laundering cases against the sugar cartel.

According to sources, the cases had been registered against 10 major brokers of the commodity, including Abid Ali Malik and Khurram Shahzad.

The suspects were involved in creating an artificial shortage of sugar and raising the price of the commodity in the country, the sources had said, adding that Khurram Shahzad’s eight fake bank accounts were detected during an inquiry.

The bank accounts were reportedly used to conceal the money earned through satta.