A judicial magistrate in Karachi has remanded a Pakistani trader accused of defrauding a Chinese importer into the custody of the Federal Investigation Agency (FIA) for interrogation. The accused, Syed Zeeshan Afzaal Bilgrami, is alleged to have deceived the Chinese company by exporting low-value materials instead of the agreed-upon minerals, resulting in losses exceeding Rs114 million.
The FIA’s Corporate Crime Circle registered the case following a complaint by Chinese national Corrine (Yunyan) Chen, represented in Pakistan by her authorised attorney, Faisal Saleem. According to the First Information Report (FIR), Bilgrami’s firm, M/s Danzu Traders, had entered into a sales agreement with M/s Jiangsu Provincial Foreign Trade Corporation China to supply 1,500 metric tons of chrome ore lumpy.
However, instead of fulfilling the agreement, Bilgrami allegedly shipped 60 containers filled with clay, gravel, and stones from Karachi Port to Xingang Port, China, on February 11, 2024. The fraud came to light before the shipment reached its destination when the trader illicitly executed the Letter of Credit (LC) and embezzled $413,293 (approximately Rs113.8 million after taxes).
The investigation revealed that Bilgrami had submitted fabricated quality and weight certificates to his bank to secure the LC, which were later found to be bogus. The FIA has accused him of both export and banking fraud, stating, “He not merely defrauded the Chinese importer but also brought a bad name to the nation.” The court approved the FIA’s request for a five-day physical remand to interrogate the suspect further.
The case is being prosecuted under multiple sections of the Pakistan Penal Code, including:
- Section 406: Punishment for criminal breach of trust.
- Section 420: Cheating and dishonestly inducing delivery of property.
- Section 468: Forgery for the purpose of cheating.
- Section 471: Using forged documents as genuine.
- Section 109: Abetment of an offence.
The FIA stated that it is working to recover the defrauded funds and gather additional evidence in the high-profile case.
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