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FBR registers Rs576m money-laundering case against businessman

FBR registers Rs576m money-laundering case against businessman

KARACHI: The Directorate of Intelligence and Investigation-Inland Revenue has lodged a case against a businessman for tax evasion of Rs576.564 million.

I&I-IR Karachi’s Anti-Money Laundering Wing has lodged FIR, under Anti-Money Laundering Act of 2010, against Usman Shahid, a resident of DHA Karachi, for causing heavy financial loss to national exchequer.

In 2016, the government gave anti-money laundering investigation powers to the FBR-Directorate General of I&I-IR.

Usman Shahid is an also a holder of NlCOP (National Identity Card for Overseas Pakistanis) exhibiting USA as his country of stay. Shahid run investment companies, Southern Distributors & Southern Investment and he submitted inaccurate / wrong particulars to federal government of Pakistan in his income tax returns filed for tax years 2011-12, 2012-13, 2013-14, 2014-15 and 2015-16.

He has concealed his true revenue/turn-over/income from government of Pakistan with intention of evading due tax and his lifestyle does not match their income which he declared before FBR, added sources.

Sources said that Shahid did not pay any taxes but purchased six expensive properties in posh localities as he was involved in money laundering through which he bought said properties.

After going through his income tax returns, the Directorate General of I&I-IR-Karachi, resolved Shahid has made a loss to nation exchequer worth at least Rs 576,564,405 provisionally by wilfully commissioning offences of concealment of income, acquiring assets from “Proceeds of Crime” as defined in Section 2(q) of Anti-Money Laundering Act of 2010.