The Federal Investigation Agency (FIA) Cooperative Crime Circle arrested a Karachi-based trader accused of defrauding a Chinese company. He sent containers filled with soil and gravel instead of chrome ore. The fraudulent shipment was valued at Rs. 110 million.
FIA officials confirmed that a case was registered against Syed Zeeshan Afzal Bilgrami, the owner of M/s Danzu Traders. The arrest followed an investigation initiated by the complaint of Ms. Corain Chen, a representative of the Chinese company Jiangsu Provincial Foreign Trade Corporation.
Agreement and Deception
According to the FIR, Bilgrami signed an agreement with the Chinese company on January 17, 2024. Under this agreement, Danzu Traders was supposed to export 1,500 metric tons of chrome ore to the Chinese importer. However, when the shipment left Karachi Port for Xingang Port in China on February 11, the containers contained soil, gravel, and stones instead of the promised mineral.
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Fraudulent Bank Activities
The FIR also revealed that Bilgrami committed fraud by liquidating the Letter of Credit (LC) deposited in his company’s bank account before the shipment reached China. He submitted fake documents, including an Inspection Certificate of Quality and Weight, to the bank. These forged documents were used to execute the LC in his favor.
Bilgrami’s actions not only defrauded the Chinese company but also exposed the international market to the risk of dealing with fraudulent operations, damaging Pakistan’s reputation.
FIA Confirms Arrest
FIA officials arrested Syed Zeeshan Afzal Bilgrami from his office located on I.I. Chundrigar Road in Karachi. The authorities emphasized the severity of the crime, noting the economic and reputational damage caused to Pakistan.
About Chrome Ore
Chrome ore is a naturally occurring mineral containing chromium, iron, and oxygen. It is essential in the production of ferrochrome, a key component used in the manufacturing of stainless steel. The fraudulent shipment, which was supposed to carry chrome ore, highlights the significance of ensuring trade transactions are legitimate and transparent.
The FIA has pledged to continue investigating the matter and urged businesses to remain vigilant against fraudulent activities. This case serves as a reminder of the importance of accountability and transparency in international trade.
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