Another case of unexplained bank transactions

Published: January 6, 2019
It is not wise to leave exchange rate completely at mercy of market forces. PHOTO: REUTERS

It is not wise to leave exchange rate completely at mercy of market forces. PHOTO: REUTERS

KARACHI: The Federal Board of Revenue (FBR) has found new clues about suspicious bank transactions. Aziz Ahmed, who is a resident of Azizabad neighborhood Federal B Area in Karachi has carried out extraordinary transactions from three bank accounts. The bank accounts of family members and relatives have been used in the transactions instead of company accounts.

Sources told The Express Tribune that transactions of millions of rupees by Aziz Ahmed were indicated by the Inland Revenue Intelligence and Investigation Directorate of the FBR.

The total amount of these transactions is more than Rs2.31 billion. The person who made these transactions hasn’t provided any substantial proof of this income. Instead, he showed the income of only Rs378,000 in the income tax statement submitted in 2016 and no tax statement has been submitted by him in 2013, 2015 and 2017.
Inland Revenue Intelligence and Investigation officials say there is no compatibility between the income and transactions of Ahmed, therefore, this income comes under the category of tax evasion and money laundering.

The sources said that Ahmed owns three bank accounts of which one business account in the name of a dyes and chemicals business has been opened in one bank’s Timber Market branch and the other two at another bank’s Shahrae Faisal Branch. One of these two accounts is of the business and the other is personal. According to the sources, transaction of Rs666 million has been done in the business account in Timber Market branch,  Rs1.44 billion in the business account in Sharae Faisal branch and  around Rs222 million  in the personal account.

The officials said the bank transactions have been done from the bank accounts of the man’s wife and other relatives, who include teachers and doctors, on personal basis instead of any business. Notices have been issued to Ahmed on the residential address available in records but he has not responded or appeared before the officials concerned. No response has been received to the notices sent on four different residential and email addresses at different times. Therefore, arrangements are being made to register a case under anti-money laundering laws, the sources said.

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