Institutions in motion after suspicious transactions worth 1.1 billion

ISLAMABAD: The Federal Bureau of Revenue (FBR) has taken action against the suspects involved in money laundering, according to details obtained by the FBR on the transaction of Rs 1.1 billion in more than 50 domestic and foreign banks. It is said that the suspicious bank transaction information has been obtained from the tax profile of a suspicious person.

When contacted by the FBR, the suspect could not respond to suspicious bank remittances of Rs 1.1 billion. The suspect’s accomplice also made more than Rs 32 crore in suspicious bank remittances.The two worked together, and have accounts in more than 50 domestic and foreign banks.

The FBR said that a total of Rs 1.4 billion in suspicious bank transactions had been made in these accounts, against which a complaint was registered under Section 8 of the Anti-Money Laundering Act.
The FBR seized 80 cartons of illegal cigarettes during a raid in Peshawar.

It may be recalled that a week ago, the FBR had caught a major tax fraud in a food manufacturing unit in Lahore. It was learned that due to the fraud, sales tax of Rs 4.36 billion had been evaded. Surcharge is due.