Multibillion sugar crisis probe: FIA serves show-cause notices to ten ‘satta-agents’ – Pakistan

LAHORE: A day after serving show-cause notices on PML-N senior leader and Opposition Leader in the Punjab Assembly Hamza Shehbaz and son of PTI estranged leader Ali Tareen, the Federal Investigation Agency (FIA) has now issued show-cause notices to 10 alleged sugar satta-agents (speculative pricing players) including two suspects who were ‘involved’ in forward booking and manipulating the prices of sugar for the JDW Sugar Group owned by sugar baron Jahangir Khan Tareen.

An official source told Business Recorder on Sunday that the FIA has sent show-cause notices to 10 (alleged) sugar satta-agents including two suspects Malik Abad Ali and Majid Malik working for the JDW Sugar Group and directed them to submit complete details of their moveable and immovable assets, including bank account details, and their family members within a period of 30 days. Both the suspects belong to Lahore.

The source further said that other speculative pricing players of the sweetener are Asad Pervaiz Butt (Lahore), Nadeem Ashraf (Hasilpur), Sheikh Sajid (Lahore), Mahmood Bhalli (Faisalabad), Ali Bhalli (Faisalabad), Muhammad Rashid (Multan), Atif Iqbal Paracha (Faisalabad) and Manzoor Shahzad Hera (Samundari). He said the agency has also directed them to submit within 30 days complete details of their moveable and immovable assets including bank accounts owned by them and their family members.

According to the notice served on Malik Abad Ali under Section-9 of the Anti-Money Laundering Act 2010, the FIA claimed that during the course of investigation, “it become evident that you along with others (mentioned in FIR No. 19/2021) have morphed in a clandestine sugar mafia and fraudulently ramped-up essential commodity (sugar) prices through artificial shortage and orchestrated hoax and fleeced the public at large for many years”.

Thus, the notice, a copy of which is available with Business Recorder, says that the accused violated the Punjab Prevention of Speculation in Essential Commodities Ordinance 2021 and the Anti-Money Laundering Act 2010. “You (Malik Abad Ali) are directed to share complete details of all immovable properties (within or outside Pakistani which are or had been beneficially held by you or on your behalf since 2018 (including trusted gifted), whether held singly or jointly, including the actual cost, mode and date of acquisition of such properly (declared to FBR/ otherwise).

“Provide complete details of oil vehicles, bank-accounts deposits, investments, advances/loans given lo family, family-owned, or any 3″1 parties, shares and mutual fund units, valuable jewelry, cash (local or foreign currency), prize-bonds or any monetary-instrument (within or outside Pakistan) held /extended /received or gifted to/ by you or on your behalf, since 2018.”

The FIA further directed the accused to provide money trail of his 19 Marla residential properly bearing Khewat No.292, Khaloni No. 438 to 441, situated at Hadbbas Moza Kamahan, Tehsil Model Town, District Lahore, 18 marla residential properly bearing KHewal No.292, Khatoni No.438 lo 441, situated al Hodbbast Moza Kamahan, Tehsil Model Town, District Lahore, Plot No. 144-B/l Btock-B, Bankers Cooperative Housing Society Limited Lahore, Plot No.144/5-B, Block-B, Bonkers Cooperative Housing Society Limited Lahore, 10 kanal residential property, Khewat No. 44/51, Khotoni No 162 to 167, situated at Hodbbast Moza Jafhol, Tehsil Model Town, Plot No.252, Sector A, Phase-I, State Life Insurance Cooperative Housing Society. Lahore, 8 kanal residential situated in Moza Jathol, Hodbbast, 1 kanal commercial property in Block G of State Life Employees Cooperative Housing Society Lahore, 1 kanal commercial on Main Walton Road, 10 marla residential Plot No. 966 in Block G of State Life Employees Cooperative Housing Society. Lahore and 4 kanal and 19 Marla residential property situated in Moza Jathol of Hodbbast and 10 Marla residential property in the same area on his wife’s name.

Additionally, the FIA directed Malik to submit details regarding any other property on-shore/off-shore properties held either directly or indirectly by him through any front-person or family-member as director or shareholder of the above-mentioned properties.

Copyright Business Recorder, 2021

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