The Federal Investigation Agency (FIA) on Thursday issued a notice to Makhdoom Shehryar, the brother of Federal Minister for Economic Affairs Khusro Bakhtiar, for allegedly selling sugar through the practice of satta (price-fixing through collusion), according to a news outlet.
The agency summoned Makhdoom Shehryar at its office on April 15 and ordered him to show documents related to the selling of sugar through satta and to submit details of the procedure adopted by his mill to book and sell sugar through the process of satta.
According to the notice, the administration and shareholders have been accused of being involved with the satta mafia, adding that the latter is minting illegal money with the help of sugar mill owners.
Commenting on the matter, Federal Minister Khusro Bakhtiar said that he previously had shares in the company but does not have them anymore.
Last month, the FIA had arrested seven people allegedly involved with the sugar satta mafia. All seven accused, arrested by the agency, were brokers and were involved in the creation of artificial shortage and price hike of sugar with the connivance of mills’ owners.
They were operating through electronic means to dishonestly and fraudulently manoeuvre, manipulate and artificially hike sugar prices amidst hoaxes of impending sugar stock shortages.
Furthermore, the arrested were also indulged in opening and operating fake third-party accounts to conceal the illegitimate crime proceedings. The agency had also recovered mobile phones, registers, laptops and some other items from their possession.