FBR seizes property, accounts worth Rs20b

Company owners had kept only Rs20 million worth of assets and transferred rest

The Federal Board of Revenue (FBR) has seized 95,603 kanals of land worth more than Rs20 billion and seven bank accounts belonging to a company – Techno Engineering Pvt Ltd – under the Anonymous Transactions Act 2017.

The FBR has also taken action against company director, Abid Ali, who, during investigation, revealed that he had purchased 125,000 kanals of land. The FBR teams are still searching for the remaining land.

Ali had formed a company, SAS Private Limited, and transferred properties to this company.

Hundreds of billions of rupees’ worth of properties had been purchased in Attock, Mianwali, Jhelum, Chakwal, Rawalpindi, Sargodha, Muzaffarabad, Sialkot, Khushab and Layyah in the name of the company which has been confiscated after being unearthed by the FBR Anonymous Zone.

No transactions can now be conducted on the confiscated properties.

The FBR has informed all commissioners, deputy commissioners, Board of Revenue senior members and scheduled banks about the unnamed properties. The FBR has been in action for more than three months against the company.

Company owners had kept only Rs20 million worth of assets with Techno Engineering Pvt Ltd and transferred the rest. On directives of the Supreme Court, the National Accountability Bureau (NAB) had taken action against  Techno Engineering, which had pledged Rs770 million.