How Sugar Mafia Compromised Increasing Dollar Prices in Pakistan

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Photo by aranprime on Unsplash

The sugar mafia is also involved in destabilizing the Pakistani Rupee as a result of bulk buying billions of US Dollars from the open market.

According to details from Sources,

“the sugar mafia used to increase the price of sugar in the local market by betting and purchase US Dollars in bulk from the open market.”

Federal Investigation Agency (FIA) has traced 392 fake bank accounts that were used to buy up to 35,000 US Dollars daily from the open market in order to destabilize the Pakistani Rupee.

Money changers also enabled the sugar mafia to evade the Financial Monitoring Unit (FMU) and State Bank of Pakistan (SBP) by ensuring that each fake bank account received not more than the daily limit of 35,000 US Dollars fixed by the regulatory authorities.

Between 2016 and 2019, Pakistan lost billions due to the shortage of US Dollars in the open market which resulted in a decrease in the value of the Pakistani Rupee.

Federal Investigation Agency (FIA) has traced 392 fake bank accounts that were used to buy up to 35,000 US Dollars daily from the open market in order to destabilize the Pakistani Rupee.

Money changers also enabled the sugar mafia to evade the Financial Monitoring Unit (FMU) and State Bank of Pakistan (SBP) by ensuring that each fake bank account received not more than the daily limit of 35,000 US Dollars fixed by the regulatory authorities.