KARACHI: The Federal Investigation Agency (FIA) and the Evacuee Trust Property Board (ETPB) have claimed to have “recovered” and “vacated” the Karachi Cotton Exchange Building situated on I.I. Chundrigar Road in a “joint operation” declaring it a federal trust property.

In a joint statement, the FIA and ETPB said that the Karachi Cotton Exchange Building is a trust property as per federal government’s gazette notification and hence the title of this property is vested in the federal government.

During the operation, the statement said, it was found that the Karachi Cotton Association had been illegally occupying the premises, keeping multiple tenants inside the building and charging them rent without any lawful authority.

The two agencies said the premises were secured in the presence of FIA and ETPB officials and representatives of the Karachi Cotton Association (KCA).

“All occupants and tenants were afforded an opportunity to safely retrieve their personal belongings before the premises were sealed under their lock and key,” the statement said, adding that arrangements have been made to facilitate retrieval of remaining valuables and records through a formal application and verification process.

Association terms operation by FIA, Evacuee Trust ‘illegal’

The FIA and ETPB reiterated that they are “fully cognisant that valuables and records may be lying inside” and reaffirmed their commitment to protecting federal assets and taking action against illegal occupation.

However, the KCA strongly condemned the operation, terming it illegal and without lawful authority.

“An unlawful raid was conducted on the Cotton Exchange Building jointly by the Evacuee Trust and the FIA despite the fact that KCA is in lawful possession of the property under a valid lease issued by the Karachi Municipal Corporation, extending up to the year 2081,” said a KCA statement.

The association rejected the classification of the building as an evacuee or trust property, asserting and claimed that the property was purchased by the Karachi Cotton Association Ltd through a registered conveyance deed on in May 1936, prior to 1947, and therefore cannot be treated as abandoned or evacuee property under the law.

“The KCA takes serious objections to the unlawful act of the Evacuee Trust and the FIA and calls upon them to forthwith withdraw the sealing notice if any, and to de-seal the building immediately, failing which the KCA reserves the right to take appropriate action against them as provided by law for the unlawful action, losses to them,” added the KCA statement.

Published in Dawn, December 14th, 2025