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Customs court allows IO for attachment of bank accounts against owners of offshore company

Customs court allows IO for attachment of bank accounts against owners of offshore company


KARACHI: Customs Court Judge Syed Faiz Rasool Rashdi allowed the investigation officer for attachment of bank accounts as case property against the absconding accused named Bashir Dawood and Mariyam Dawood who had been booked in a case of concealment of income, furnishing inaccurate particulars of income/wealth and money laundering in offshore company.

During the hearing, Investigation Officer Muhammad Arif appeared before the court and submitted that both abovementioned accused have not been arrested yet therefore he sought time for the compliance of the court’s order and arresting both accused, so the court adjourned the hearing and issued non-bailable warrant for both accused. The court also adjourned the hearing for January 18, 2017.

It is pertinent to mention here that on the last date of hearing, investigation officer had filed an application before the court for attachment of property and bank accounts under Section 8 of the Anti-money Laundering Act-2010 to protect the public exchequer and also had informed the court that the abovementioned accused are absconders.

According to the prosecution, case no 01/2016 was registered against them alleging that the accused, having offshore company, concealed approximately Rs. 9,870 million income and amount of income tax sought to be evaded of Rs. 2, 469 million and amount of income tax recoverable (Up to tax year 2014) Rs. 2, 467 million along with the default surcharge & penalty to be determined at the time of payment.

The case was registered as violation of Section 111 (1) (d) (1) of the Income Tax Ordinance 2001, liable to be prosecuted under Section 192 a ibid read with Section 2 and 8 (2) of the AMP Act 2010.