LAHORE: The Federal Examination Agency (FIA) has actually discovered Rs110 billion earning by the sugar mafia throughout the last one year through ‘speculative pricing’ and also on Wednesday made up 20 groups to lay hands on those involved in it.
Likewise in the day, the FIA anti-corruption circle signed up an FIR against separated PTI leader Jahangir Tareen’s JDW group and also Exquisite Bakers & Sweets Pvt Ltd, Lahore, under areas 420, 468, 471 and also 109 of the Pakistan Penal Code (PPC), read with areas 3/4 of Anti-Money Laundering Act 2010.
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According to the FIR, during the training course of questions against the sugar mafia, “it has actually taken place that sugar market barons, sugar-brokers & their satta-agents (speculative rates gamers), in energetic connivance with sugar-mills, have transformed right into a private sugar satta-mafia and are operating in a collusive however secret-mode, especially through electronic ways/ WhatsApp groups to dishonestly as well as fraudulently maneuver, adjust and also synthetically hike sugar prices, in the middle of hoax of impending sugar-stocks lacks (while sugar-stocks are existing ‘unsold’ or ‘sold/un-lifted’ in mills & godowns and also demand-supply space is artificial)”.
The questions reveals “the satta-mafia had currently fraudulently ramped-up the (speculative) ex-mill rate by Rs20/kg in last one year (from Rs70/kg on Feb 11, 2020 to Rs90 per kg on March 21, 2021; they are now conspiring to pump it upwards of Rs110 per kg in Ramzan.”
During the inquiry it was exposed that “also the leading licensed organizations in the nation, like Premium Bakers & Sweets Pvt Ltd Lahore, are being assisted in by satta-mafia representatives to devote big bookkeeping & tax-frauds in a very arranged fashion by concealing their actual sugar consumption & consequently company turnover.”
The FIR says Malik Abad Ali (speculative prices player) was obstructed and interrogated. “Digital proof (two smartphones & one HDD), one ledger referring to satta (speculatively pricing) as well as 45 various ledgers were taken into custody via seizure memorandum. Review of manual ledgers and also communication on digital media (cyber forensic-analysis to get any kind of deleted information is underway) confiscated from Malik Abad Ali revealed that many secret WhatsApp Satta Teams were being operated by the Satta Mafia. Exam of confiscated digital media (cyber forensic-analysis underway), journals as well as on-spot interrogation of Malik Abad Ali (crucial satta-player) during search & seizure additionally exposed plainly that he was among the major satta players proactively associated with sugar satta, in connivance with and also in behalf of numerous sugar-industry barons and also others. He additionally works in active connivance with JDW Sugar Team yet likewise helps Ashraf, Sheikhoo and various other sugar-mills. He runs in WhatsApp Satta Teams via front-men/ various other satta-agents Sajid Ali s/o Maqbool Hussain as well as Asad Pervaiz Butt s/o Khalid Pervaiz Butt.”
The FIR states as Malik Abad Ali has actually also been abetted and also aided by proprietors and also authorities of various sugar mills, their duty might be ascertained during the course of examination.
“Action is being taken versus significant sugar groups, consisting of those led by Jahangir Tareen as well as Opposition Leader in Punjab Assembly Hamza Shehbaz, under speculative prices, cash laundering and other charges,” a main told Dawn.
The FIA Lahore has actually been carrying out an investigation into the multi-billion sugar fraud considering that in 2014.
“The sugar mafia has actually made Rs110bn in one year in speculative prices and to conceal this revenue a number of secret and phony bank accounts were opened,” the authorities claimed.
He even more claimed the FIA had actually taken 32 smart phones and laptop computers in belongings from some ‘sugar rates players’ as well as accumulated pertinent proof against the major groups. “There were reports that the sugar mafia wanted to additional increase sugar cost throughout Ramazan,” he stated.
The FIA Lahore in November last had registered situations against Jahangir Tareen, his son Ali Tareen, PML-N resident Shehbaz Sharif, his children Hamza and Suleman and also others in the sugar scam under cash laundering, fraud as well as other costs.
An FIR was signed up against Jahangir Tareen as well as Ali Tareen under areas 406 (criminal breach of trust), 420 (unfaithful of public investors) as well as 109 of the Pakistan Penal Code (Pay Per Click), checked out with area 3/4 of Anti Cash Laundering Act.
Shehbaz Sharif, Hamza and also Suleman were reserved under sections 419, 420, 468, 471, 34 and 109 (financial fraud, impersonation and bogus) of the PPC and also 5( 2) and also 5( 3) (criminal transgression) of Prevention of Corruption Act, checked out with section 3/4 of Anti Cash Laundering Act.
The FIA had actually recorded statement of Hamza while Suleman is making off in the UK. Tareen’s legal representative had replied to the FIA’s queries.
The FIR claims during the course of inquiry, it was noted that an amount of at least Rs1.2 bn was overpaid (transferred by Jahangir Tareen) from the accounts of a provided public limited company (JDW Sugar Mills Ltd) to an additional company (JK Forming System Ltd, hereinafter JKFSL, had by his youngsters) while purchasing the assets of the latter (JKFSL) at an exorbitant non-arm’s length acquisition rate of Rs4.35 bn in November 2013. “During the course of present questions, it has actually taken place that the JDW Sugar Mills recorded a false disclosure in its yearly audited economic declaration of 2014,” it claims.
A different FIR versus Shehbaz Sharif, Hamza as well as Suleman states throughout the course of the FIA questions, it was discovered that total down payments amounting to over Rs25bn (2008-18), identified so far, were gotten in bank accounts of different low-wage staff members of Ramzan Sugar Mills and also Al-Arabia Sugar Mills and also accounts of phony companies established and also managed by the Sharif team.
“The low-wage workers of the Sharif team’s Ramzan Sugar Mills as well as Al-Arabia Sugar Mills have confessed throughout the inquiry that these accounts were opened as well as operated for the personal/secret deals of Suleman Shehbaz on the instruction of CFO of the Sharif group Mohammad Usman. Mushtaq Cheeni has actually given secret ledgers as an evidence to reveal that the cash from concealed sale of sugar deposited into these accounts is just Rs3.95 bn implying therein that the resource of remaining funds is peripheral to sugar organization as well as can best be clarified by Shehbaz Sharif and his sons as well as police officers of their mills who took care of these accounts,” the FIR says.
It even more claims the query has demonstrated that Shehbaz Sharif aided and abetted by his kids Hamza and Salman has actually been located to be associated with collecting wealth (pecuniary resources) out of proportion to their known incomes.