Clue to mastermind in tax fraud found

Fraud to benefit manufacturers of Phoneix Batteries


Our Correspondent August 14, 2022
Photo: file

KARACHI:

The Directorate of Internal Audit-Inland Revenue-FBR Karachi has detected mastermind and real beneficiary in a case of tax fraud of Tamna Industries. The FIR No:01/2022 was lodged in this case on June 14, 2022.

The mastermind is Sheikh Shahzad Ilahi who opened and operated bank accounts of Tamna Industries on the fake name Nawab Zaman.

Shaikh Shahzad Ilahi misused the CNIC of Nawab Zaman a poor labourer and opened a fake company in the name of Tamna Industries.

Tamna Industries has shown fake and bogus sales to layer companies involved in this chain of fraud to give ultimate tax benefit of billions of rupees to Century Industries Pvt LTD who are the manufacturers of renowned Phoneix Batteries in Pakistan.

The CEO of Phoneix Batteries, Jawed Iqbal Sidiqui is also nominated as a beneficiary in this fraud.

Further investigations are underway.

Published in The Express Tribune, August 14th, 2022.

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