FBR unearths money laundering worth billions of rupees
The Federal Board of Revenue (FBR)'s Directorate of Intelligence and Investigation Inland Revenue (I&I-IR) has unearthed a major case of money laundering and tax evasion involving complex accounting techniques and organized financial crime through clandestine transactions and prima-facie an intricate network of various shell companies by the accused company namely M/s Burshane LPG Pakistan Limited.
Sources directorate said
of that the
I&I-IR
Karachi, under the supervision of Director General Dr Bashir Ullah, has investigated into the case and unearthed fraudulent activities and financial malpractice of the specified company.
Sources said that the deceit network for money laundering is run by the accused CEO of the company in collusion with other directors and the Chief Financial Officer.
The investigation has revealed that the accused company is also involved in purchase and sale of smuggled Liquified Petroleum Gas (LPG) which is bought from Taftan border, and the related proceeds are kept out of books, thus these are concealed sales and purchases.
The accused company has thus evaded huge amounts of tax of around Rs1,775 Million, and the accused CEO, CFO and other directors of the company have acquired properties worth billions from the proceeds of crime as defined under section 3 of the AntiMoney Laundering Act 2010, sources disclosed.
In addition to this, sources said that the investigation into the case is being conducted by the Deputy Director I&I-IR, Karachi which has unveiled an extremely organized and complex structure of various bank accounts and banking transactions established by the accused for laundering of illegal money.
The accused persons have also established various shell companies wherein illegal money is injected as equity against the issuance of shares. These shell companies then declare heavy salaries to directors and various expenses and declare loss even before commencement of operations. In tax year 2015, the accused company was fraudulently acquired by another private limited company by funds acquired from NBP on the basis of defective land Khata.