KARACHI: Directorate of Intelligence and Investigation, (DI&I) IR Karachi has unearthed a mega money laundering scam amounting to Rs8.68 billion under Anti Money Laundering Act, 2010.
As the Federal Board of Revenue has escalated its exercise in booking cases under the Anti Money Laundering Act, 2010 as envisioned by Financial Action Task Force (FATF), Directorate General Intelligence & Investigation-IR has given direction to all field formations to initiate detection and processing of cases under the Anti Money Laundering Act, (AMLA) 2010 on top priority basis.
Reacting on the credible information received against the owner of a corporation involved in tax evasion exceeding Rs10 million, the DI&I, Karachi initiated inquiry against the said company under the Anti Money Laundering Act, 2010.
During course of the investigation, it was revealed that the company was a commercial importer and after importing goods, selling them at much higher prices which reflected in huge turnover / receipts than declared in its income tax / sales tax returns.
During tax year 2017, it declared a sale of Rs1.648 billion wherein in bank account amount credited was Rs4.626 billion in tax year. In 2018, the sales declared was Rs682.70 million wherein in bank account amount credited was Rs4.800 billion.
Similarly in tax 2019, it declared a sale of Rs194.597 million wherein in bank account Rs5.356 billion amount was credited.
Official sources said that the accused was maintaining 16 banks accounts in which cumulative total amount deposited from July, 2016 to June, 2019 were Rs14.73 billion whereas the accused company in its income tax returns and wealth statements only declared 10 bank accounts, in which Rs6.095 billion was credited.
Moreover, they said that six more bank accounts were unearthed during the inquiry, which were not declared in its income tax return / wealth statement. Thereby the accused has concealed the source of funds credited in six undeclared bank accounts, which amounted to Rs8.68 billion.
The receipts in the undeclared bank accounts prima facie is of sale of imported goods which was concealed from tax authorities as it involved huge payment of sale tax payable at the time of sales and this non-declaration had caused huge loss to the national exchequer.
During inquiry it was also revealed that during three years i.e. Tax year 2017 to Tax year 2019, an amount of Rs14.73 billion, which was credited in the aforesaid accounts, were routed to several other accounts.
Furthermore, they said that the whole scam of the accused was prime facie operated by its co-accused father who had knowingly and fraudulently declared himself to be the proprietor of same business in a bank account maintained by him whereas he did not make a same claim with FBR.
It was evident that the accused had evaded huge amount of income tax which exceeded to Rs10 million, hence the accused had committed predicate offence of concealment of income tax evasion, suppression of income/amount chargeable to tax, making false statement under the relevant sections of the income tax ordinance, 2001 and XIIA to the schedule of the Anti Money Laundering Act, 2010.
They said that the court had issued bailable arrest warrants of both accused persons and ordered to attach bank account used for money laundering. Further investigation is in progress.
Copyright Business Recorder, 2020