Pakistani man arrested for Rs113.9mln fraud with Chinese firm
- By Nazir Shah -
- Nov 21, 2024
KARACHI: The Federal Investigation Agency’s (FIA) Corporate Crime Circle arrested a Pakistani man involved in fraud with a Chinese firm.
As per details, the FIR Corporate Crime Circle raided an office at I.I. Chundrigar Road and arrested Zeeshan Afzal Bilgrami, the owner of Denzo Trader, for defrauding a Chinese company of Rs113.9 million.
According to the FIA, the accused committed bank fraud and tarnished Pakistan’s reputation internationally.
The case was registered following approval from the FIA Zonal Board based on a complaint by Chinese importer Ms. Corinne Chen.
The exporter and importer had signed an agreement on January 17 to export 1,500 metric tons of chrome ore to China.
Read more: FBR unearths Rs86 million tax evasion scam in Karachi
On February 11, a container was shipped from Karachi port to China, but it was filled with sand, stones, and gravel instead of chrome ore.
The accused submitted a fake inspection certificate to the bank and transferred the funds sent by the Chinese company into his own account.
Earlier, the Federal Board of Revenue (FBR) exposed a massive tax evasion scam in Karachi through under-invoicing.
According to the FBR spokesperson, the tax fraud detected by the Intelligence and Investigation Wing of FBR exposed the tax fraud through under-invoicing involving a popular cement factory.