The Cooperative Crime Circle of the Federal Investigation Agency (FIA) has arrested a businessman for allegedly sending soil and gravel in 60 containers instead of chrome ore to a Chinese company, resulting in a transaction worth Rs115 million.

According to a report in The News, FIA officials have registered a case against Syed Zeeshan Afzal Bilgrami, the owner of M/s Danzo Traders, under multiple sections including 406, 420, 468, 471, and 109 in Karachi.

The FIR was filed after an investigation that began following a complaint from Ms. Corin Chen of a Chinese import company. According to the case, Bilgrami entered into an agreement with Jiangsu Provincial Foreign Trade Corporation on January 17, 2024, to export 1,500 metric tonnes of chrome ore from Karachi to China.

However, in February, Danzo Traders shipped 60 twenty-foot bulk containers to Xingang Port, which contained soil, gravel, and stones instead of the promised chrome ore.

Before the shipment reached China, Bilgrami allegedly executed a letter of credit (LC) fraudulently from his company’s bank account, submitting fake documents related to inspection certificates for quality and weight.

This not only constituted export fraud but also involved banking fraud by using forged documents to obtain the LC. The accused is said to have defrauded the Chinese importer and harmed the country’s reputation. FIA officials arrested him at his office on II Chundrigar Road, Karachi.

Chrome ore is a valuable mineral containing chromium, iron, and oxygen, and is essential for producing ferrochrome, a key ingredient in stainless steel.