A Pakistani man was detained for defrauding a Chinese company out of Rs 113.9 million.

Zeeshan Afzal Bilgrami, the proprietor of Denzo Trader, was detained by the FIR Corporate Crime Circle when they stormed an office on I.I. Chundrigar Road on suspicion of cheating a Chinese firm out of Rs 113.9 million.

The accused allegedly committed bank fraud and damaged Pakistan’s standing abroad, according to the FIA.

The FIA Zonal Board approved the case after receiving a complaint from Ms. Corinne Chen, a Chinese importer, and it was subsequently recorded.

On January 17, an agreement to sell 1,500 metric tons of chrome ore to China was signed by the importer and exporter.

Instead of chrome ore, sand, stones, and gravel were placed inside a container that was sent to China from Karachi port on February 11.

After sending the money from the Chinese company to his own account, the accused sent the bank a fake inspection certificate.

The Federal Board of Revenue (FBR) previously revealed a large-scale tax evasion scheme in Karachi that used under-invoicing.

As per the FBR, the tax fraud was discovered by the FBR’s Intelligence and Investigation Wing, which revealed that a well-known cement firm had underinvoiced.