KARACHI: Karachi chapter of the Federal Investigation Agency (FIA) on Sunday arrested seven brokers suspected to be involved in artificial shortage and price hikes of sugar. The Commercial Banking Circle (CBC) of the agency said the brokers were acting with the connivance of sugar mills’ owners. The accused were operating through electronic means to maneuver, manipulate and artificially hike sugar prices, amidst rumours of impending sugar shortages while stocks were lying unsold or sold/unlifted in mills and godowns, thereby, creating an artificial demand and supply gap. Furthermore, the suspects were also indulged in opening/operating fake/unrevealed third-party accounts to conceal/disguise the illegitimate crime proceedings. An FIR has also been registered and further investigations were underway.

Source: Pakistan Today March 28, 2021 12:22 UTC