Prime Minister Shahzad Akbar’s Accountability and Internal Affairs Adviser said Thursday that the Federal Investigation Agency (FIA) exposed the sugar mafia’s involvement in money fraud, speculative trading, and money laundering after receiving evidence of continued sugar price increases through shortages of artificial goods.
He said the FIA had found solid evidence of the operation through data from the sugar mafia’s digital devices showing how they controlled prices.
At the 90th Shahrah-e-Quaid-e-Azam press conference here on Thursday, Shahzad shared details of the game of chance “Satta” and the participants in the sugar mafia investment.
He said the sugar mafia never agreed to set the price for sugar without a producer. However, to get subsidies, they set a milling price.
The sugar production process is completed in four months, so input costs cannot change, but the Satta mafia changes prices in different months through futures sales and lines of credit.
He regretted that the sugar mafia had taken the people hostage so that action had to be taken immediately against them.
A small player with sattabaz sugar makes about 0.5 to 1 million a day, and a big player makes 30 to 40 million a day.
The sugar mafia made about 5.5 billion rupees from gambling with a one-rupee increase in the price of sugar, he said.