FBR has succeeded in winning the first ever case of conviction for the offence of money laundering based on massive tax evasion.
The Directorate General I & I-IR had received financial intelligence in respect of Mr. Habibullah proprietor of M/s Rai Trading Company, Bajaur, KP wherein it was disclosed that the quantum of transactions (Cash & Bank) did not match with the suspect’s business profile.
Initial investigations were conducted by the Directorate Intelligence & Investigation, Inland Revenue Service under tax laws which unearthed six other bank accounts with huge transactions. Total proceeds in all the bank accounts were found to be Rs. 2,090 Million whereas the suspect paid only tax of Rs. 192,877/ for the tax year-2015.
The suspect was involved in huge concealment of income, undeclared bank accounts and mis-declaration/inaccurate particulars to hoodwink the tax authorities.
A detailed scrutiny also revealed element of money laundering, therefore, investigations were initiated for the offence of money laundering under the Anti-Money Laundering Act-2010 (AMLA).
With the prior approval of the Concerned Court, bank accounts were provisionally attached under section 8 of the AMLA 2010.
On completion of investigations under Section-9 of AMLA 2010, final challan under AMLA-2010 along with the complaint under Section- 203 of the Income Tax Ordinance.
