Two money laundering cases registered against sugar mafia

ISLAMABAD: The Federal Investigation Agency (FIA) on Wednesday registered at least two money laundering cases against sugar mafia on Wednesday, ARY News reported.

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

The suspects were involved in creating artificial shortage of sugar and raising the price of the commodity in the country, the sources said, adding that Khurram Shahzad’s eight fake bank accounts were detected during in an inquiry. The bank accounts were reportedly used to conceal the money earned through satta.

Earlier today, the Federal Investigation Agency (FIA) had formed 20 teams to launch a massive crackdown against the sugar mafia.

According to sources, the crackdown would be launched under anti-money laundering act and director FIA Lahore will operation and the investigations.

The sugar mafia had hiked the commodity’s ex-mill price from Rs70 per kilogram to Rs90 during the past year and earned over Rs110 billion through satta, the sources had added.

The mafia had been involved in creating artificial shortage of the essential item and raising the rates of the commodity. The sugar mafia had hundreds of fake bank accounts to conceal the money earned through illegal means, the sources had said.