The Federal Investigation Agency’s (FIA) Cooperative Crime Circle has apprehended a businessman accused of defrauding a Chinese company by sending soil and gravel in 60 containers instead of chrome ore.
The alleged fraud involved a transaction valued at Rs115 million.
The accused, Syed Zeeshan Afzal Bilgrami, owner of M/s Danzo Traders, faces charges under Sections 406, 420, 468, 471, and 109. An FIR was registered in Karachi following a complaint by Ms. Corin Chen of Jiangsu Provincial Foreign Trade Corporation, a Chinese import company.
According to the investigation, Bilgrami signed an agreement on January 17, 2024, to export 1,500 metric tonnes of chrome ore from Karachi to China. However, the February shipment to Xingang Port reportedly contained soil, gravel, and stones instead of the promised chrome ore.
The FIA also uncovered that Bilgrami allegedly committed banking fraud by using forged inspection certificates to secure a letter of credit (LC) from his company’s bank.
This dual-layered fraud reportedly harmed both the Chinese importer and Pakistan’s reputation in the international trade market.
Bilgrami was arrested at his office on II Chundrigar Road in Karachi. Chrome ore, a critical material for producing ferrochrome used in stainless steel manufacturing, is considered a valuable export commodity.
