Renowned speculator, Shaikh Manzoor aka Haji Hira Samundariwala, has made shocking revelations regarding the sugar mafia and how it operates.
Shaikh Manzoor confessed to being involved in sugar speculation and revealed that he is part of 4 out of 16 WhatsApp groups where the speculation business is run.
He said he has been part of this wicked business through WhatsApp groups, and he regrets it.
Samundariwala told investigators that he used to run a sugar store from 2007 to 2015 and entered this business. He also confirmed to have been trading sugar with Tandliawala Sugar Mills since 2015.
He said he has bought and sold sugar worth Rs. 13.5 billion in five years.
I have been trading sugar in Faisalabad since 2020. I buy sugar from sugar brokers/speculators Mahmood Bhili, Aslam Bhili, Mushtaq Paracha, and Atif Paracha.
According to sources, it has also been revealed that JDW Group, Hamza Sugar (Tayyab Group), Sawaira Group, Al-Mueez Sugar Mill are also involved in the nefarious business.
According to Shaikh Manzoor, all sugar mills book sugar for at least a month. Sugar prices increase by Rs. 200 to Rs. 250 per sack.