Cases filed against 10 sugar mafia groups for speculative pricing
LAHORE: The Federal Investigation Agency (FIA) has formed 20 teams to find the sugar mafia members involved in earning Rs110 billion in 2020 through ‘speculative pricing’, commonly known as satta.
While, the anti-corruption wing of the agency has already filed a case against alienated Pakistan Tehreek e Insaf leader Jahangir Tareen’s Gourmet Bakers and JDW group.
The FIR read that during investigation from the sugar mafia it was revealed that brokers and their satta-agents (speculative pricing players) in connivance with sugar mills and industry barons are secretly maneuvering and manipulating the prices. It also revealed that stocks of sugar were lying unsold in mills and godowns in a bid to create an artificial demand and supply gap.
The FIA said that the mafia had fraudulently increased the sugar price from Rs70 per kilogram to Rs90 per kg in 2020.
Dawn newspaper has quoted sources as saying that action was being taken against major sugar groups, including those led by Jahangir Tareen and Opposition Leader in Punjab Assembly Hamza Shehbaz, under speculative pricing, money laundering and other charges.
According to The News newspaper cases have been lodged against 10 sugar mafia groups including Malik Abad Satta Group, Multan Satta Group, Maulvi Zaheer Satta Group, Malik Majid Satta Group, Khurram Dawai Satta Group, Mirza sugar Satta Group, Tufail Goga Satta Group, Bhalli Satta Group, Paracha Satta Group and Butt Sugar Satta Group. They are accused of gambling and money laundering for Tareen Group, Sharif Group, Alliance Group and Hamza Sugar Mill.