FIA books suspects in Rs6.6b fraud case

Benami accounts used in massive tax evasion scam

LAHORE:

The Federal Investigation Agency (FIA) has registered an FIR against multiple individuals, including company directors and bank officials, over an alleged fraud exceeding Rs6.6 billion.

According to the FIR, the accused allegedly opened benami bank accounts using the identities of individuals, and routed sales proceeds of a private biscuit manufacturing company through these accounts to evade taxes.

Investigators revealed that funds were initially deposited into accounts at one commercial bank and later transferred to accounts at another, where large cash withdrawals were made.

The inquiry found that proxy signatures were used to operate accounts despite genuine biometric verification, while a bank official allegedly played a key role in opening and managing these accounts.

The FIA stated that the scheme caused significant losses to the national exchequer through tax evasion.

An FIR has been registered under multiple sections of the Pakistan Penal Code and the Prevention of Corruption Act, and further investigation is underway to determine the involvement of other officials. FIA claimed that banker has been arrested and further investigations are underway.