No Result
View All Result
Sunday, June 1, 2025
MM News
اردو
  • Home
  • Latest News
  • Showbiz
    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

    Alizeh Shah

    Alizeh Shah’s heartfelt Eid al-Adha message captivates fans online

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
MM News
  • Home
  • Latest News
  • Showbiz
    Arshad Warsi

    Arshad Warsi and wife face 5-year ban: Will he also disappear from films?

    Deepika Padukone

    In pictures: What are the shocking controversies in Deepika Padukone’s past?

    Hania Amir

    Yashma Gill proposes to Hania Aamir: Her hilarious reply goes viral

    Image: AP

    In Pictures: Thailand’s Opal Suchata Chuangsri crowned Miss World

    Gigi and Bella Hadid

    The Hadid sisters have a stepsister? Here’s what we know

    Alizeh Shah

    Alizeh Shah’s heartfelt Eid al-Adha message captivates fans online

  • Thought Box
  • Business
  • Opinions
  • Technology
  • The Other Side
No Result
View All Result
No Result
View All Result
MM News
اردو
  • Latest
  • Showbiz
  • Thought Box
  • Business & Stock
  • Opinions
  • Technology
  • The Other Side-Pakistan
Home Uncategorized

FIA forms 20 teams to crackdown against sugar mafia

MM News Staff by MM News Staff
March 25, 2021
FIA refuses German woman entry without visa on arrival in Pakistan

ISLAMABAD: The Federal Investigation Agency (FIA) has formed 20 teams to launch a massive crackdown against the sugar mafia for ‘speculative pricing’ and hiking the price of the commodity.

 The FIA has detected Rs110 billion earning by the sugar mafia during the last one year through ‘speculative pricing’ and on Wednesday constituted 20 teams to lay hands on those involved in it.

The crackdown will be launched under Anti-Money Laundering Act and Director FIA Lahore will operation and the investigations. The sugar mafia reportedly hiked the commodity’s ex-mill price from Rs70 per kilogram to Rs90 during the past year and earned over Rs110 billion through speculative pricing (satta).

According to the FIR, the inquiry against the sugar mafia showed that the sugar industry barons, sugar-brokers and their speculative pricing players (satta agents) in active connivance with sugar mills, have transformed into a clandestine mafia.

It has been further revealed that the sugar mafia was involved in creating artificial shortage 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 mafia planned to increase sugar prices to Rs110 per kg during the upcoming holy month of Ramazan.

The FIA registered at least two money laundering cases against against 10 major sugar barons 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 FIR said Malik Abad Ali has also been abetted and assisted by owners and officials of various sugar mills and their role will be ascertained during the course of investigation. It added 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 speculative pricing.

Prime Minister Imran Khan had shown resentment over the Federal Board of Revenue (FBR) for its failure to show any recoveries from the sugar mills owned by the prominent personalities.

The FBR had presented the report showing recoveries of more than Rs400 billion from the sugar mills on the orders of the premier. The report had shown recoveries from the small sugar companies but failed to show any recoveries.

Tags: FIAmafiasugarsugar mafia
ShareTweetSendShare
Previous Post

USAID project to digitise 4.1 million DRAP records

Next Post

Asim Azhar’s new soundtrack ‘Yaad’ to be released today

Related Stories

File photo
Uncategorized

Imran Khan announces nationwide anti-govt protest movement

May 31, 2025
File photo
Uncategorized

Saudi Arabia warns of severe heatwave during Hajj 2025

May 30, 2025
File photo
Uncategorized

Justice Muneeb Akhtar takes oath as acting CJP

May 30, 2025
Stray dogs. File photo
Uncategorized

Punjab govt bans stray dog killings

May 30, 2025
File photo
Uncategorized

GB trophy hunting revenue dips to Rs303 millions

May 29, 2025
File photo
Uncategorized

81,000 Pakistani Hajj pilgrims reach Saudi Arabia

May 29, 2025
File photo
Uncategorized

Punjab University hostels to remain closed during summer break

May 29, 2025
File photo
Uncategorized

Pakistan urges UNSC to act as Israel kills Palestinians

May 29, 2025
Uncategorized

Another minor boy dies after falling into open manhole

May 28, 2025
File photo
Uncategorized

CII rejects bill to ban marriages under 18

May 27, 2025
Next Post

Asim Azhar's new soundtrack 'Yaad' to be released today

Trending Stories

file photo
Transport

Govt doubles public transport fares in Islamabad

by MM News Staff
June 1, 2025
Darra Adam Khel
Crime

Explosion in Darra Adam Khel house kills two, injures several

by MM News Staff
June 1, 2025
President Asif Ali Zardari
National

President stresses need for closer Pakistan-Bangladesh ties

by MM News Staff
June 1, 2025
Gang-rape
Top News

Indian female Taekwondo player gang-raped in ashram

by MM News Staff
June 1, 2025
file photo
World

Saudi Arabia announces start date of new Umrah season

by MM News Staff
June 1, 2025

Opinion

munir ahmed oped
AIF 2025 – A Rallying Cry for Unity in a Fractured World
May 31, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Eurasian Economic Union at 10: Looking Beyond the Decade
May 29, 2025
- Munir Ahmed
munir-ahmed-oped-2-1140x1140
Crimea at the Crossroads: Development, Identity, and Geopolitics
May 29, 2025
- Munir Ahmed
No posts found
See all

Weather Updates

file photo
Weather

Weather updates for Islamabad, other parts of Pakistan

by MM News Staff
June 1, 2025

The weather is likely to remain hot and dry in most parts of the...

Heatwave

Karachi braces for more heat as temperature remains high

May 31, 2025
file photo

Karachi temperature likely to hit 41°C today

May 30, 2025
Heavy Rain

Storm and heavy rains wreak havoc in Khyber Pakhtunkhwa, 5 dead

May 30, 2025
See all

Prices

representative image
Business & Stock

Gold prices in Pakistan today- Sunday, June 1, 2025

by MM News Staff
June 1, 2025

The following are the current gold prices in Pakistan on Sunday, June 1, 2025....

File photo

Petrol price hiked by Re1 per litre in Pakistan

May 31, 2025
LGP prices have been slashed ahead of Ramadan. File photo

LPG prices announced for June 2025

May 31, 2025
representative image

Gold prices further drop in Pakistan

May 31, 2025
See all

Transport News

file photo
Transport

Govt doubles public transport fares in Islamabad

by MM News Staff
June 1, 2025

The Capital Development Authority (CDA) has introduced a revised fare structure for the city's...

representative image

Everything you need to know about Lahore’s Yellow Line E-Train Project

June 1, 2025
Pakistan Express

Train derailment: Pakistan Express heading to Rawalpindi suffers major accident

June 1, 2025
(Image: Dawn)

Karachi residents protest load-shedding; National Highway blocked

May 31, 2025
See all

MM Digital (Pvt.) Ltd.

MM News is a subsidiary of the MM Group of Companies. It was established in 2019 with the aim of providing people of Pakistan access to unbiased information. Contact Details: 03200201537

Quick Links

  • Home
  • Advertise
  • MM News Urdu
  • The Other Side-Pakistan
  • Contact Us
  • Privacy Policy

Top Pages

  • Latest News
  • Showbiz
  • OP-ED
  • Technology
No Result
View All Result
  • Latest News
  • Showbiz
  • Thought Box
  • Business
  • Opinions
  • Technology

© Copyright 2024 MMNews - All Rights Reserved.