The Karachi Cotton Exchange Building, located on I.I. Chundrigar Road, has been “recovered” and “vacated” in a joint operation by the Federal Investigation Agency (FIA) and the Evacuee Trust Property Board (ETPB). Declaring it a federal trust property, the agencies confirmed the building’s title is vested in the federal government as per gazette notification.
The operation revealed the Karachi Cotton Association (KCA) was allegedly occupying the premises illegally and charging rent to multiple tenants without lawful authority. Officials from both the FIA and ETPB secured the building, allowing occupants to retrieve personal belongings before sealing the premises. SindhNews.com reported on the swift action taken during this process.
Disputed Status of the Karachi Cotton Exchange Building
The KCA, however, vehemently condemned the operation, terming it illegal. They assert lawful possession, citing a valid lease from the Karachi Municipal Corporation extending to 2081. Furthermore, the KCA claims direct purchase of the property via a registered conveyance deed in May 1936, predating 1947, which disputes its classification as evacuee or trust property.
The dispute highlights conflicting claims over ownership and legal authority. While the FIA and ETPB maintain their commitment to protecting federal assets, the KCA warns of legal action if the sealing is not withdrawn, emphasizing significant losses incurred. The building remains sealed amidst these ongoing legal challenges.