The Federal Investigation Agency (FIA) Corporate Crime Circle has arrested a Pakistani businessman on charges of defrauding a Chinese company. The accused, identified as Syed Zeeshan Afzal Bilgrami, allegedly sent containers filled with soil and gravel instead of the contracted minerals, valued at PKR 110 million.
According to FIA officials, the investigation against Syed Zeeshan Afzal Bilgrami, owner of M/s Danzu Traders, was initiated following a complaint by Jiangsu Provincial Foreign Trade Corporation, a Chinese importing firm.
The two companies had signed an agreement on January 17, 2024, under which Danzu Traders was to export 1,500 metric tons of chromite ore to the Chinese firm. However, when the shipment was dispatched from Karachi Port on February 11, it was discovered that the containers destined for Xingang Port in China were loaded with soil, gravel, and stones instead of the valuable chromite ore.
The FIR alleges that before the shipment arrived in China, the accused fraudulently executed the Letter of Credit (LC) in his company’s favor. He submitted fake inspection certificates of quality and weight to the bank, deceiving both the Chinese importer and the financial institution.
Also Read: KP Education Department Reinstates 800 Suspended Teachers in Karak District
The FIA further stated that the accused not only engaged in export fraud but also committed banking fraud by presenting forged and fabricated documents to execute the LC. These actions, according to authorities, not only defrauded the Chinese importer but also tarnished Pakistan's reputation internationally.
The accused was apprehended at his office on I.I. Chundrigar Road in Karachi. An official case has been registered, and further investigations are underway.
Chromite ore, a natural mineral comprising chromium, iron, and oxygen, is a critical component in ferrochrome production, which is essential for manufacturing stainless steel.
.jpg)
