The Federal Investigation Agency (FIA) launched an investigation against the sugar mafia and found that it earned Rs 110 billion last year through speculative pricing.
The FIA formed 20 teams to launch a massive crackdown on the sugar mafia. The agency retrieved evidence through 32 seized cell phones and laptops.
Then FIA decided to take action against the sugar mafia and froze over 100 bank accounts of 40 sugar mafia agents on Saturday.
But no arrests have been made so far, as the FIA claims to be awaiting the results of the forensic audit.
According to sources, the sugar mafia has increased the price of sugar through speculation (Satta Bazi) and creating artificial sugar shortages in the country.
According to the FIA, black money is used in the speculative pricing business and the 10 largest sugar groups in Lahore, Multan, Faisalabad, Rawalpindi, Hasilpur, and Bahawalpur are involved in this crime.
Sources also said gambling is being supported by all of the country’s major sugar groups, including Tareen and Sharif, Hamza, Thal, and alliance groups.
The sugar mafia raised the price of the sugar from Rs 70 per kilo to Rs 90 during the past year and earned more than Rs 110 billion through Satta, the sources added.
The mafia also involved in creating an artificial shortage of essential items and in raising commodity rates. The sugar mafia had hundreds of fake bank accounts to hide the money earned by illegal means, the sources also said.
However, the agency also registered these sugar groups in accordance with sections 420, 468, 471, and 109 of the Pakistan Penal Code (PPC), which deals with sections 3/4 of the Money Laundering Act 2010.