Farmane-Ilahi

ISLAMABAD (92 News) Prime Minister Shehbaz Sharif has authorised the Federal Board of Revenue (FBR), Federal Investigation Agency (FIA), and Intelligence Bureau (IB) to take strict action against sugar sector players accused of making Rs140 billion in unjustified profits in a short span of time.

As part of a two-pronged strategy, the government has stationed FBR and intelligence officials at sugar mills to monitor operations and prevent illegal activities.

Authorities have gathered crucial financial data to uncover long-standing irregularities, identifying mills involved in malpractices, including hoarding, the "satta" (betting) mafia, and manipulation of production, stock, and prices.

The government's probe into fake and benami bank accounts has led to criminal proceedings under anti-money laundering, anti-hoarding, and tax evasion laws. The crackdown on politically connected sugar lobbies sends a clear message that no one will be spared, regardless of political ties.

Following the first phase of the operation, sugar prices have begun to fall, with prices in Lahore dropping from Rs175-185 per kg to Rs165 per kg by March 16.

The government is considering further action if the market remains unresponsive, with plans to target millers directly involved in malpractice.

It should also be noted here that the authorities are considering regulatory reforms to confiscate seized sugar stocks from hoarders, with Prime Minister Shehbaz Sharif personally overseeing the ongoing actions.