Karachi’s black economy added Rs 830 mn per day
6 Sept 2013 5:08 AM IST
Criminal gangs in Pakistan’s financial capital Karachi generated a staggering Rs 830 million daily in black economy, according to a report. The report found extortion, ransom from kidnappings, street crimes and illegal parking lots and vendors and illegal electricity connections as main contributors to the burgeoning illegal economy.
At least Rs 10 million is paid as extortion on a daily basis in different areas of the city while short-term kidnapping for ransom amounts to Rs 50 million, the Geo News channel reported Wednesday.
The black economy also includes money generated from 500 illegal and unauthorised parking lots (Rs 2.4 million) while hawkers and vendors pay around Rs 8.25 million everyday to the police, criminals or contractors. The report said there are over 55,000 hawkers operating stalls or kiosks in the city. The water mafia sells approximately 272 million gallons of water illegally each day.
At least Rs 10 million is paid as extortion on a daily basis in different areas of the city while short-term kidnapping for ransom amounts to Rs 50 million, the Geo News channel reported Wednesday.
The black economy also includes money generated from 500 illegal and unauthorised parking lots (Rs 2.4 million) while hawkers and vendors pay around Rs 8.25 million everyday to the police, criminals or contractors. The report said there are over 55,000 hawkers operating stalls or kiosks in the city. The water mafia sells approximately 272 million gallons of water illegally each day.
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