ISLAMABAD – The Federal Board of Revenue (FBR) has won the first ever court conviction for the offence of money laundering, involving massive tax evasion.
The top tax body won the case against Khyber Pakhtunkhwa-based businessman, identified as Habibullah, who ran M/s Rai Trading Company, Bajaur.
The FBR spokesperson in a statement said: “The accused is punished with imprisonment, fine and forfeiture of entire ill-gotten/concealed money of Rs. 2090 Million”.
#FBR has won the first ever court conviction for the offence of money laundering, involving massive tax evasion. The accused is punished with imprisonment, fine and forfeiture of entire ill-gotten/concealed money of Rs. 2090 Million. pic.twitter.com/MdCfLkoydP— FBR (@FBRSpokesperson) December 2, 2021
The Directorate Intelligence & Investigation, Inland Revenue Service had launched investigation against the convict after finding that transaction made through his accounts did not match his business profile.
In initial probe, the directorate detected his six bank accounts which were used for transaction of Rs2090 million. However, Habibullah had paid only Rs192,877 in taxes in 2015 by providing misleading details to the tax authorities.
As the investigation progressed, the investigators found that the accounts were being used for the purpose of money laundering. The directorate then launched investigation against him under Anti-Money Laundering Act 2010.
Later, the directorate submitted a challan in the court on the basis of massive tax evasion. The court has now awarded punishment to Habibullah over illegal activities.
Earlier this week, FBR Chairman Muhammad Ashfaq Ahmed informed the National Assembly Standing Committee on Finance and Revenue that the tax body has registered 215 First Information Reports (FIRs) against 267 people under the Anti-Money Laundering (AML) Act in the last four years.
He further added that FBR had completed investigations into 44 cases and probe into remaining cases is underway. He said the government had also confiscated properties worth Rs235 billion besides detecting tax evasion to the tune of Rs76 billion.
Pakistani rupee advanced its winning momentum against US dollar, and other currencies in the open market amid strong economic cues.
On Saturday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.
|UK Pound Sterling||GBP||359.4||360.05|
|Hong Kong Dollar||HKD||36.38||36.48|
|New Zealand Dollar||NZD||173.44||175.44|
The price of gold fell by thousands of rupees as precious metal lost shine despite an upward trend in the international market.
On Saturday, the price of a single tola of 24-karat gold stands at Rs217,300 and 10 grams of 24k gold costs Rs186,300.
Meanwhile, single tola of 22 Karat gold costs Rs199,190, 21 karat rate costs Rs190,138 and 18k gold rate is Rs162,975.
Globally, gold prices hover at around $2072, gaining $32 on Saturday.
|Lahore||PKR 217,300||PKR 2,705|
|Karachi||PKR 217,300||PKR 2,705|
|Islamabad||PKR 217,300||PKR 2,705|
|Peshawar||PKR 217,300||PKR 2,705|
|Quetta||PKR 217,300||PKR 2,705|
|Sialkot||PKR 217,300||PKR 2,705|
|Attock||PKR 217,300||PKR 2,705|
|Gujranwala||PKR 217,300||PKR 2,705|
|Jehlum||PKR 217,300||PKR 2,705|
|Multan||PKR 217,300||PKR 2,705|
|Bahawalpur||PKR 217,300||PKR 2,705|
|Gujrat||PKR 217,300||PKR 2,705|
|Nawabshah||PKR 217,300||PKR 2,705|
|Chakwal||PKR 217,300||PKR 2,705|
|Hyderabad||PKR 217,300||PKR 2,705|
|Nowshehra||PKR 217,300||PKR 2,705|
|Sargodha||PKR 217,300||PKR 2,705|
|Faisalabad||PKR 217,300||PKR 2,705|
|Mirpur||PKR 217,300||PKR 2,705|