Some sugar mill owners are seen to be involved in financial scam. The federal government has started a crackdown against the sugar mafia that is involved in this multibillion rupee financial scam and price manipulation
A combined investigation team (CIT) has been formed by the Federal Investigation Agency (FIA) chief, Wajid Zia.
The CIT is basically tasked to inquire the three biggest groups running several sugar mills in the country related to a financial crime worth Rs. 20 billion..
The JDW Group is owned by Imran Khan’s close aide Jahangir Khan Tareen, the Alliance Sugar Mills have significant shares of the family of Federal Economics, Minister Makhdoom Khusro Bakhtiar and PML-Q leader Chaudhry Moonis Elahi
In the first phase, the CIT has started legal action against JDW Group of Companies and Alliance Sugar Mills.
An official document clarified that the CIT crackdown has the legal protection from the premier-backed Sugar Commission, which has also approved an inquiry into alleged corporate/financial crime/Benami business of JDW Group involving over Rs. 16.1 billion.
“Corporate fraud of Rs. 3.6 billion by JDW through the overvalued purchase of associated company JKT Farming System Ltd and booking losses through it. Corporate fraud of Rs. 3.1 billion by JDW through investment in Faruki Pulp Ltd and booking impairment losses through it — inexplicable transfer of Rs. 2.5 billion by JDW through non-arm’s cash transfers to various sister entities via Amir Waris cash boy — inexplicable transfer of Rs. 7 billion by JDW to Dherki Sugar Mills (non-arm’s cash transfers) without true and full disclosure in the financial statemen.”
