Investigation revealed that Bilgrami had signed a contract to export 1,500 metric tonnes of chrome ore to the Chinese company on January 17, 2024.
Karachi exporter arrested for sending dirt to Chinese firm in multi-million fraud. The Federal Investigation Agency (FIA) has arrested a businessman from Karachi for defrauding a Chinese company of crores of rupees. 115 million by sending soil and gravel instead of chrome ore.
As per the details, accused Syed Zeeshan Afzal Bilgrami, owner of Danzo Traders, was arrested from his office on I.I. Chandrigarh Road following a complaint filed by a Chinese importing firm, Jiangsu Provincial Foreign Trade Corporation. The company’s representative, Corinne Chen, complained about the matter.
Investigation revealed that Bilgrami had signed a contract to export 1,500 metric tonnes of chrome ore to the Chinese company on January 17, 2024. However, in February, Danzo Traders sent a consignment of 60 containers from Karachi Port to Zhengzhou Port in China. Instead of chrome ore, the containers were found to be filled with soil, gravel and stones.
Chrome ore is a valuable mineral used to produce ferrochrome, a key ingredient in the production of stainless steel.
Before the fraudulent shipment reached its destination, Bilgrami allegedly executed a letter of credit (LC) held in his company’s bank account using fake inspection certificates and fake quality and weight documents.
The FIA has charged Bilgrami with export and banking fraud, accusing him of defrauding the Chinese company and tarnishing Pakistan’s reputation in international trade. Authorities are continuing their investigation into the case.
Pakistan & China Trade
Pakistan and China share a robust and growing trade relationship, with China being Pakistan’s largest trading partner. The bilateral trade encompasses a wide range of goods, including machinery, electronics, textiles, and agricultural products.
Pakistan primarily exports textiles, rice, seafood, and leather products to China, while importing electronics, machinery, chemicals, and high-tech equipment. Since the initiation of the China-Pakistan Economic Corridor (CPEC) in 2015, trade has seen a significant boost, with infrastructure projects improving connectivity and trade routes between the two countries. In recent years, both nations have also explored opportunities in areas like renewable energy, minerals, and digital trade, further deepening economic ties.
