KARACHI, Pakistan — Zeeshan Afzal Bilgrami, the owner of Denzo Trader, was arrested by the Federal Investigation Agency (FIA) after an investigation into a major fraud case involving a Chinese company. The accused was charged with defrauding the company of Rs113.9 million through bank fraud and a fraudulent export transaction, tarnishing Pakistan’s international reputation.
The case was initiated following a complaint by Chinese importer Ms. Corinne Chen. According to FIA officials, the dispute began when the exporter, Bilgrami, and the importer entered into an agreement on January 17 to ship 1,500 metric tons of chrome ore from Karachi to China. However, when the container arrived in China on February 11, it was found to be filled with sand, stones, and gravel instead of the agreed-upon chrome ore.
Bilgrami is alleged to have submitted a fake inspection certificate to the bank, which led to the transfer of funds from the Chinese company into his personal account. The fraud was discovered after the Chinese importer filed a formal complaint with the FIA.
In a related development, the Federal Board of Revenue (FBR) had recently exposed a massive tax evasion scam in Karachi, involving under-invoicing by a popular cement factory. The FBR’s Intelligence and Investigation Wing uncovered the scam, which highlights the widespread nature of financial fraud in the region.
Zeeshan Afzal Bilgrami’s arrest marks a significant step in combating corporate fraud and improving Pakistan’s international trade reputation. The investigation continues as authorities probe deeper into the fraudulent activities linked to the case.
