Rs 50 billion money laundering detected

Directorate General Intelligence and Investigation (DGI&I)-IR has detected massive money laundering amounting to over Rs. 50 billion approximately in 24 cases across the country. FIRs have been registered under Anti Money Laundering Act, 2010.

The action was taken on information received by Dr. Bashirullah DG, I&I-IR, which revealed that illegal and tax evaded money amounting to over Rs. 50 billion approximately had been transferred from different cities via banking channels to tax exempted areas - the erstwhile FATA and PATA regions - in order to conceal the sources and identities of culprits.

Responding to this information, the Directorate initiated a probe for the period of past three financial years, which discovered that substantive amount was involved in most of the cases where over Rs. 50 billion approximately was routed through these banks accounts without any economic sense.

Sources said that in some cases these suspects, who declared sources of income as business just to deceive the agencies, were reportedly involved in smuggling, under-invoicing, narcotics, hawala hundi, kidnapping and other heinous crimes. They said that these suspects transacted over Rs. 50 billion approximately from various locations to carry out the activities of laundering money for avoidance of taxes and may use it for money laundering and terror financing.

Sources said that some 24 cases had so far been registered and under the court directives, the Directorates had attached over a dozen of moveable and immoveable properties under section 8 of Anti Money Laundering Act, 2010.

Furthermore, sources said that out of total over Rs. 50 billion approximately, around Rs. 20 billion had been transferred from Karachi to the tax exempted regions - the then FATA and PATA. Further investigation is in progress.