Jehangir Tareen’s JDW Sugar, Sharif family sugar mills and other Large Sugar companies in sindh have been found to be involved in Sugar Price fixation at higher levels, investigations from Federal Investigation Agency revealed.
As per the Investigations, Large sugar companies and Sugar Barrons with political backing in Sindh and Punjab are engaged in cartel like price fixing of sugar which has netted Rs. 110 billion in additional revenue.
Channel check suggests that Ex-Mill sugar prices have been raised from Rs. 70/kg to Rs. 90/kg in a glaring violation of Government fixed price. The retail price of Refined sugar in major metropolitan cities of Lahore and Karachi ranges between Rs. 95 to 110 per KG.
FIA report suggests that Sugar companies are working like mafias without any compliance to price cap set by the government. FIA raided offices and residences of many officials of Sugar companies and Pakistan sugar mills association, confiscating Computers, mobiles and other informations.
FIA has also blocked differnet bank accounts which are alleged to be linked in the sugar scam where cash receipts were being routed.
The detailed investigation have unearthed plot of Sugar Mafia to further raise Sugar prices in the holy month of Ramzan.
Representatives of major sugar mills were unavailable to take their view. Sugar dealers in Karachi and Lahore shut down their businesses in protest and asked government to stop biased actions against them.
JDW Sugar, Al-noor sugar hit lower cap during the trading hours on Wednesday.
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