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FIA registers 10 cases against the sugar mafia after unearthing gambling, money laundering network



FIA registers 10 cases against sugar mafia after unearthing gambling, money laundering network
Federal Research Agency (FIA) revealed the sugar mafia's role in currency fraud —

LAHORE: The Federal Investigation Company (FIA) has uncovered the sugar mafia’s involvement in financial fraud, speculative commerce, and cash laundering after acquiring proof of a persistent improve in sugar costs via creating a man-made scarcity of the commodity.

The sugar mafia earned Rs110 billion in a yr by growing the sugar costs from Rs70 to Rs90 by way ofSatta” (price-fixing via collusion) and stashed the illegally gotten quantity is pretend and secret accounts, the FIA stated.

Virtually all the key sugar-producing teamsa few of which belong to main political eventstogether with Sharif Group, Tareen Group, Alliance Group, Almoiz Thal Group and Hamza Group, have been discovered concerned within the playing, the company added.

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FIA Director Lahore Dr. Muhammad Rizwan whereas speaking to the media on Thursday concerning the operations in opposition to the sugar mafia stated that strong proof has come to gentle within the operations by way of information retrieved from 32 digital gadgets belonging to the sugar mafia.

He stated owing to the sheer quantity of the info gathered, “1000’s of books” will be printed.

Rizwan stated that 10 instances have been registered in opposition to the sugar mafia whereas 40 individuals have been recognized who “have been all in contact with one another“.

The FIA has determined to research and scrutinize the accounts of outstanding members of the sugar playing mafia, after which arrest them after registration of instances underneath Anti-Cash Laundering Act, stated the director.

Rizwan stated of the “Satta” mafia teams, 10 are from Lahore, whereas others are situated in Multan, Hasilpur, Khanewal and Bahawalpur.

It was additionally revealed that the sugar mafia conspired to additional improve sugar costs via playing within the month of Ramazan.