AIRLINK 85.06 Decreased By ▼ -2.14 (-2.45%)
BOP 4.98 Decreased By ▼ -0.04 (-0.8%)
CNERGY 4.12 Increased By ▲ 0.03 (0.73%)
DFML 37.20 Decreased By ▼ -0.70 (-1.85%)
DGKC 92.80 Decreased By ▼ -1.08 (-1.15%)
FCCL 23.41 Decreased By ▼ -0.36 (-1.51%)
FFBL 33.05 Increased By ▲ 0.38 (1.16%)
FFL 9.25 No Change ▼ 0.00 (0%)
GGL 10.02 Decreased By ▼ -0.01 (-0.1%)
HASCOL 6.35 Decreased By ▼ -0.19 (-2.91%)
HBL 123.83 Increased By ▲ 1.91 (1.57%)
HUBC 147.00 Increased By ▲ 1.35 (0.93%)
HUMNL 10.95 Increased By ▲ 0.45 (4.29%)
KEL 4.66 Decreased By ▼ -0.08 (-1.69%)
KOSM 4.12 Decreased By ▼ -0.07 (-1.67%)
MLCF 38.64 Decreased By ▼ -0.16 (-0.41%)
OGDC 132.80 Decreased By ▼ -2.21 (-1.64%)
PAEL 25.05 Decreased By ▼ -0.03 (-0.12%)
PIBTL 6.20 Decreased By ▼ -0.07 (-1.12%)
PPL 119.30 Decreased By ▼ -0.38 (-0.32%)
PRL 24.69 Increased By ▲ 0.59 (2.45%)
PTC 12.16 Decreased By ▼ -0.06 (-0.49%)
SEARL 59.22 Decreased By ▼ -0.58 (-0.97%)
SNGP 64.15 Decreased By ▼ -0.85 (-1.31%)
SSGC 9.83 Decreased By ▼ -0.22 (-2.19%)
TELE 7.85 Decreased By ▼ -0.02 (-0.25%)
TPLP 9.47 Decreased By ▼ -0.27 (-2.77%)
TRG 64.50 Increased By ▲ 0.20 (0.31%)
UNITY 27.13 Increased By ▲ 0.08 (0.3%)
WTL 1.30 Decreased By ▼ -0.02 (-1.52%)
BR100 8,317 Increased By 6.6 (0.08%)
BR30 25,935 Decreased By -15.3 (-0.06%)
KSE100 78,703 Decreased By -98.2 (-0.12%)
KSE30 25,418 Decreased By -19.6 (-0.08%)

KARACHI: The Federal Board of Revenue (FBR) has reportedly suspended investigations against four shell companies used to launder Rs 16 billion by influential builders, businessmen, and politicians from major cities.

According to the sources, the Central Vigilance Wing of the FBR has uncovered a massive money laundering and tax fraud racket involving four private limited companies registered under fake identities at a single address in Karachi.

As per FBR investigations, the four shell companies were set up to benefit a powerful former parliamentarian from Khyber Pakhtunkhwa who owns a large business conglomerate.

Money laundering case: Moonis Elahi’s eight bank accounts frozen

Shockingly, all four companies shared the same registered address in Karachi but these companies were illegally registered in the FBR’s Corporate Tax Office in Islamabad, indicating the complicity of certain IT officials and tax officers, sources informed.

Furthermore, sources said that the companies had hired low-income employees as dummy directors. But they dealt in metal and battery products and attracted investments from builders, businessmen, and politicians from Karachi, Islamabad, Lahore, and KP who used these companies to launder black money.

The FBR investigations found these four companies had opened multiple bank accounts and routed Rs 16 billion in funds through them for whitening unaccounted cash. They also issued fake invoices worth Rs 10 billion without paying due taxes, sources added.

The companies made transactions with unrelated parties outside their domain of business. The money was later rerouted to the original investors after layering through various accounts, which the sources termed a serious violation of the Anti-Money Laundering Act (AMLA) 2010.

Though the FBR has blacklisted these companies, no FIR has been registered against them by the CTO Islamabad, which the sources termed as an eyewash to halt the investigations due to high political pressure, sources confirmed.

Senior FBR officials on a condition of anonymity admitted investigations were halted due to intense political pressure. They agreed these companies shared a Karachi address but were illegally registered in Islamabad due to pressure from the ex-minister from KP to facilitate money laundering.

They said these four shell companies were used to launder Rs 16 billion black money owned by builders, businessmen, and politicians from Karachi, Islamabad, Lahore, and KP.

Tax experts said this discriminatory treatment showed FBR’s measures were only for the weak while the powerful enjoyed absolute liberty in illegal acts, denting the economy and FBR’s reputation. They sought the intervention of other agencies to take the powerful quarters to task.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Twain pen di Jan 06, 2024 06:02am
told you, its a useless bureau.
thumb_up Recommended (0)
Nawaz Jan 06, 2024 11:24am
Pakistan Zindabad these mafia Payendabad
thumb_up Recommended (0)
Dabeer Razvi Jan 06, 2024 12:00pm
Strange.
thumb_up Recommended (0)
Muhammed Jan 06, 2024 12:19pm
After every few years these so called powerful politicians INVESTS in dubious election process & reach the Senate, Federal & Provincial Parliaments to reap the benefits & recover their Investment with compound interest.
thumb_up Recommended (0)
Johnny Walker Jan 06, 2024 12:20pm
Pineapple republic (as a pineapple was gifted to daughter of Park Lane property owner). Banana republics are saints in comparison to our beloved land of the pure.
thumb_up Recommended (0)
KU Jan 06, 2024 02:08pm
The mafia doesn't say it without reason that, ''our country is the best place to live if you have the right connections and want to make money without questions asked'', and it makes sense to restructure FBR because it makes ill-gotten money for everyone and hides fake companies who launder money for the right people. What more can one ask for in the land of plenty?
thumb_up Recommended (0)
TimetoMoVVeOn Jan 06, 2024 05:14pm
So IK is banned for life on a stupid Thoskana case, whereas this big case is closed. Any doubt that the whole army and govt is against IK running for elections? They very well know, if he runs, he will win.
thumb_up Recommended (0)
SAJJAD Jan 06, 2024 05:18pm
iF FBR is avoiding & hiding this,why NAB is not starting investigation, as it huge public tax money is invoved, NAB is sleeping why they avoid their responsibilities?
thumb_up Recommended (0)
Ch K A Nye Jan 07, 2024 09:44am
@SAJJAD, NAB has responsibilities to those who order them exactly who to target. In this case, it's "HANDS OFF".
thumb_up Recommended (0)