KARACHI: The Federal Investigation Agency’s (FIA) Corporate Crime Circle has arrested Zeeshan Afzal Bilgrami, a Pakistani businessman, for defrauding a Chinese firm of Rs113.9 million.
According to the FIA, Bilgrami, the owner of Denzo Trader, was apprehended following a raid at his office on I.I. Chundrigar Road. The arrest follows a complaint from Chinese importer Ms. Corinne Chen, which led to the registration of a case with approval from the FIA Zonal Board.
The fraud began when Bilgrami and the Chinese importer signed an agreement on January 17 to export 1,500 metric tons of chrome ore to China. However, when a container was shipped from Karachi port to China on February 11, it contained sand, stones, and gravel instead of the agreed chrome ore. Bilgrami allegedly submitted a fake inspection certificate to the bank and transferred the funds from the Chinese company into his own account.
The FIA has stated that the accused’s actions have not only defrauded the company but also harmed Pakistan’s international reputation. This arrest follows a recent investigation by the Federal Board of Revenue (FBR), which uncovered a major tax evasion scam in Karachi involving under-invoicing at a prominent cement factory.
