Latest news with #Rs140
NDTV
6 hours ago
- Business
- NDTV
Behind Rs 140 Crore Fraud, Misuse Of PM Mudra Yojana Branding, 2 Arrested
Hyderabad: The chairman of a cooperative society and his son have been arrested by the Telangana Crime Investigation Department (CID) over a Rs140 crore financial fraud carried out under the pretext of the Centre's flagship Pradhan Mantri Mudra Yojana (PMMY). Tippaneni Ramadasappa Naidu, 61, chairman of Mudra Agriculture Skill Development Multi-State Cooperative Society Limited, and his son, Sai Kiran, 43, a key member of the society, were remanded to judicial custody today. The father-son duo allegedly cheated 2,000 people through the scam. Mr Naidu established the fraudulent cooperative society in 2017, deliberately misusing the PMMY's branding to deceive the public into believing that it was a government-backed entity, revealed the CID probe. Through extensive advertisements in regional newspapers, thousands of individuals, including farmers, unemployed youth, and daily wage workers, were enticed with false promises of lucrative returns on investments and guaranteed government jobs. The victims were reportedly assured that the Society would transition into a full-fledged bank within two years and secure permanent government employment for all its members. The scam involved publishing job advertisements for 2,000 government marketing supervisor positions, collecting original educational certificates, and extracting substantial amounts of money under the guise of share capital and investment bonds. The Cooperative Society expanded its network, establishing approximately 330 branches across Telangana and Andhra Pradesh. The Society employed around 1,600 individuals who were tasked with collecting deposits. Employees who failed to meet their aggressive collection targets faced salary deductions. Employees who resigned were reportedly denied the return of their investments, threatened, and coerced into signing blank papers. According to CID officials, the fraudulent scheme enabled Mr Naidu and his son to collect an estimated Rs 140 crore. A significant portion of these funds was reportedly used to acquire industrial plots in Anantapur district of Andhra Pradesh and also properties in the Keesara area of Telangana. The massive fraud came to light after numerous complaints were lodged at various police stations across Telangana. The CID took over the investigation, meticulously tracing the money trail and gathering evidence, which ultimately led to the arrests of the father-son duo.
Express Tribune
3 days ago
- Business
- Express Tribune
Consumers pay bitter price for sweetener
In the digital age, there's no excuse for opacity as a transparent digital dashboard that tracks sugar from mills to wholesalers to retailers would make it harder for hoarders and profiteers to operate undetected. Photo: file Due to a lack of government attention, sugar prices have skyrocketed across the country, with an increase of up to Rs60 per kilogram at the retail level. Experts believe that the artificial sugar shortage is a direct result of inaccurate data and flawed decisions by federal institutions concerning sugar production and consumption. In the midst of this crisis, sugar profiteers have become active once again, manipulating prices in major markets across Lahore. The government's weak control has allowed profiteers to exploit the public, which is forced to buy sugar at inflated rates. In 2024, sugar was selling at Rs140 to Rs145 per kilo, but it is now being sold for Rs190 to Rs200 per kilo. The official DC rate remains at Rs145, but no retailer is selling at this price. Retailers argue that they themselves are getting sugar at higher prices. According to Sheikh Tanveer, the price of a 100kg sugar sack was Rs12,000 last year, but due to poor planning, it has now soared to Rs18,000 at the ex-mill rate. "Retailers make little profit, while the real beneficiaries are mill owners and sugar profiteers," said Tanveer. Even though the government claims to maintain complete records of sugar production and consumption, a crisis occurs every year. Citizens claim that due to poor government policies, they are forced to spend their hard-earned money buying sugar at inflated rates. This time, the price hike is not minimal, adding up to Rs40 per kilo. One citizen demanded that the Prime Minister take notice and act against those responsible. "But nothing ever happens in this country," he added. "Inflation robs us in broad daylight. It is the government's responsibility to control prices, yet no department seems to be doing anything," lamented the local. Sources have revealed that the same profiteers, who were previously targeted by the Federal Investigation Agency (FIA) with full force, including arrests and record seizures, are once again operating in an organized manner, as they dominate future sugar pricing, especially in markets like Lahore's Akbari Mandi and Karachi's Jodia Bazaar. The FIA had previously launched a strong crackdown, but suddenly and without explanation, the operation was called off. It is unclear whether this was due to the influence of powerful profiteers or fear within the government, but sources claim officials made personal gains during the process. Till date, not a single sugar profiteer has been brought under the law. According to the Pakistan Sugar Mills Association, the country produced 6.8 million tonnes of sugar during 20242025, which was 3 per cent more than the previous year. There was already a surplus of 7 million tonnes last year, prompting the government to allow exports. Despite sufficient availability, hoarders are now creating an artificial shortage once again, pushing sugar prices up to Rs200 per kilo. Currently, Federal Board of Revenue (FBR) representatives have been deployed at sugar mills to prevent tax evasion. According to the FBR, this has improved tax recovery. Additionally, joint raids by the FBR and Intelligence Bureau are being conducted against hoarders across the country to stabilize prices. While there was no price hike during Ramadan, sugar prices have surged once again across the country. However, beyond targeting hoarders, no action has been taken against the profiteers responsible for driving up prices. Meanwhile, the Ministry of Food is preparing to spend valuable foreign exchange on sugar imports. Tendering has already begun, though the next sugarcane crushing season is scheduled to start in November. In this entire scenario, billions of rupees are being drained from the pockets of the poor, while neither the government nor the bureaucracy seems affected.
Business Recorder
21-07-2025
- Business
- Business Recorder
Grave policy gaps in sugar sector
EDITORIAL: The Trading Corporation of Pakistan's (TCP) July 15 directive to slash its sugar import tender from 300,000 to just 50,000 metric tonnes is the latest twist in a saga that has completely exposed the confusion, lack of foresight and planning, and utter incompetence that has defined the government's handling of sugar export and import decisions in recent months. More tellingly, it reveals a policy regime designed to reward rent-seeking behaviour rather than protecting the public interest and market stability. As previously detailed in this space, the government, acting under the considerable, and dare one say, pernicious influence of powerful sugar barons, many of whom hold prominent positions within the political mileu, approved the export of roughly 765,000 metric tonnes of sugar during the last fiscal year. The decision was ostensibly based on assurances that only surplus stocks would be exported, ensuring that domestic prices would remain stable. However, what ensued was a shortage of sugar domestically and a sharp price surge, solely benefitting trade. To rein in soaring domestic prices, the government recently decided to allow the tax-concessions on import of sugar. The timing of the import decision, however, highlights a serious lack of planning and coordination among key stakeholders. By the time imported sugar enters the Pakistani market, the local crushing season will be in full swing, risking disruption to the domestic crop's market. Even more critically, importing such large quantities raises questions regarding the pressures that will be brought to bear on our precarious foreign exchange reserves. And given the tax waivers on these imports – wherein the FBR has exempted these from customs duty and reduced the sales tax rate from 18 percent to 0.25 percent – not only is this going to seriously burden the national exchequer, the country will also risk violating the $7 billion IMF programme that mandates it to not grant preferential tax treatments or engage in commodity purchases. While the IMF has made no official comment, there are reports of it privately taking strong exception to the government's haphazard moves that deviate from agreed reforms. It is this pressure, ostensibly, that compelled the TCP to considerably scale back its sugar import tender. The exorbitant prices Pakistani consumers have been forced to pay for sugar reveal not only the folly of the ill-conceived decision to export the commodity in the first place, it also points to deeper, systemic issues related to rampant price manipulation, hoarding, the entrenched political clout of sugar barons, their cartel-like behaviour and the collapse of regulatory oversight. Over the last seven months, there has been a consistent rise in prices of the commodity from Rs140 per kg to around Rs210 per kg even as its international price at current exchange rate levels hovers around the Rs104 per kg mark. Now, despite the government reaching an agreement with mill owners that fixed the wholesale price at Rs165 per kg, media reports indicate that many wholesale outlets have openly defied the agreement, demanding prices far beyond the official rate. As a result, consumers continue to face inflated retail prices that bear little relation to the official ex-factory cost. This encapsulates all that is wrong with the regime governing the trade of agricultural commodities: toothless oversight mechanisms, unchecked power and impunity of entrenched agro-industrial lobbies, and the complete marginalisation of the public interest. It must be noted that sugar is not a staple crop nor does it have substantive strategic value. Given this, it is unacceptable that successive governments have essentially subsidised its growth at the cost of more vital commodities. The government must put an end to the mollycoddling of the sugar sector and enforce discipline and transparency in its regulation. Copyright Business Recorder, 2025
Express Tribune
17-07-2025
- Climate
- Express Tribune
Monsoon deluge cripples Pindi
A laborer carries sacks of onions while wading through a flooded street after heavy monsoon rains in Lahore on July 16, 2025. Photo: AFP A devastating spell of torrential rain on Wednesday night and throughout Thursday left the entire city of Rawalpindi submerged. Streets, markets, and neighbourhoods turned into virtual lakes, presenting scenes reminiscent of Venice. A prolonged 19-hour power outage further crippled the city, rendering the water supply system inoperative. Traffic ground to a halt across all major roads and commercial centres. The Rs140 million allocated for the cleaning of Nullah Leh and 15 stormwater drains was effectively swept away by the floods. The district administration and Water and Sanitation Agency (WASA) were rendered entirely ineffective and powerless, prompting the deployment of Pakistan Army. With the city inundated and drainage systems completely overwhelmed, the Rawalpindi Deputy Commissioner declared an emergency public holiday at 11am on Thursday, resulting in the closure of all government offices. A flood emergency was enforced immediately, and all leaves for relevant officials were suspended. Due to excessive flooding, all underpassesboth new and oldhad to be shut down. Major roads including Mall Road, Murree Road, Rawal Road, and Raja Bazaar were completely submerged, paralysing commercial activity. In low-lying areas, streets and underpasses remained under three to five feet of water for nearly 15 hours. The city's administrative bodiesincluding WASA, the Rawalpindi Cantonment Board (RCB), and the District Councilcompletely failed to drain the accumulated water. Floodwaters entered homes, shops, and business premises, causing property damage estimated in the millions. Vehicles parked in garages, lawns, and streets were submerged under up to two feet of water, leaving hundreds of cars inoperable due to engine failure. Senior officialsincluding the Commissioner, Deputy and Assistant Commissioners, federal and provincial ministers, parliamentary secretaries, and officers from WASA and the Rawalpindi Municipal Corporation (RMC)avoided visiting flood-affected areas, reportedly out of fear of public backlash. As has become routine, officials were seen posing for photographs and selfies on the Gawalmandi Bridge while gesturing toward the floodingbefore quickly departing. Ironically, these same officials had recently claimed that Rs140m had been used to clean Nullah Leh and other storm drains. Yet, in the wake of the city's submersion, they avoided media inquiries throughout the day. Two dead, several rescued Meanwhile, two people were killed and two others injured as torrential rains triggered flash floods, caused roof collapses, and led to multiple drowning incidents. Rescue operations are ongoing to locate a child and another person who were swept away in rainwater drains. One body has been recovered so far. Heavy rainfall on Thursday caused severe flooding in Nullah Leh, other seasonal streams, and the River Soan, leading to flood-like conditions in several areas.
Business Recorder
16-07-2025
- Business
- Business Recorder
PTI opposes sugar import move
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) on Tuesday strongly criticised the government's move to import 500,000 metric tons of sugar, calling it a 'deliberate, well-orchestrated conspiracy benefiting the sugar mafia and political elites'. A PTI spokesman accused the government of orchestrating the current sugar crisis to enable profiteering by powerful businessmen while ordinary citizens suffer. The government's earlier authorisation to export 765,000 metric tons of sugar, despite claims domestic supply would remain stable, has resulted in severe shortages and price hikes from Rs140 to over Rs200 per kilogramme. Sugar imports, exports: 'Govt's handling inflicts billions of rupees in losses' He condemned the government's decision to import sugar duty and tax-free, estimating the cost to the national treasury at Rs72 billion, while the sugar mafia had already gained 92 billion rupees. The PTI claimed that approximately 2.6 million metric tons of sugar are already stockpiled domestically, making imports unnecessary. He claimed that the Finance Ministry opposed the import decision, which was made without the finance minister's consent, raising questions about who controls economic decisions. PTI called for a judicial inquiry into the scandal, demanding transparency on profiteers, investigations into hoarding, affordable sugar supplies, and accountability for those responsible. Copyright Business Recorder, 2025
