KARACHI: Taking motion towards fraud, the Federal Investigation Company’s (FIA) Cooperative Crime Circle has arrested a Pakistani businessman for allegedly conning a Chinese language firm of Rs115 million, Each day Jang reported.
In response to the FIA officers, a case has been registered towards Syed Zeeshan Afzal Bilgrami, the proprietor of Dan Zu Merchants, on the grievance of Chinese language import firm’s Corin Chen.
The suspect — arrested from his workplace at Karachi’s II Chundrigar Highway — is accused of allegedly sending soil and gravel in 60 containers as a substitute of a mineral to the Jiangsu Provincial International Commerce Company.
As per particulars, Bilgrami inked an settlement with the Chinese language firm on January 17, 2024, beneath which the previous was to export 1,500 metric tonnes of chrome ore to the latter.
The very subsequent month, Dan Zu Merchants shipped a cargo of 60 bulk containers from Karachi Port to Xingang port in China.
Nevertheless, the containers had been full of soil, gravel and stones as a substitute of the dear metallic chrome ore — a naturally occurring mineral that incorporates chromium, iron, and oxygen, and is used to make ferrochrome, an essential part in chrome steel.
Earlier than the cargo reached China, the accused fraudulently executed the stated Letter of Credit score (LC) held in his firm’s checking account.
The suspect submitted pretend and bogus paperwork of an inspection certificates of high quality and weight deposit within the financial institution.
Bilgrami not solely dedicated export fraud but in addition dedicated banking fraud by submitting pretend, solid and bogus paperwork for the execution of LC in his favour.