The Federal Board of Revenue has unveiled one of the largest money laundering cases, involving Waqas Ahmed, accused of possessing over Rs6.2 billion but only paid a tax of Rs84, and declaring only Rs400,000. During investigation carried out by the Directorate of Intelligence and Investigation Inland Revenue Peshawar, one of the investigation officers requested for the attachment of the accounts of the accused who has Rs6.2 billion. Later after the investigation, the FBR provided information relating to account numbers from several banks and was submitted to the IO. Further investigation shows that the person associated with the accounts seems to be involved in both tax evasion and proceed of crime.
In view of this, the Special Court of Taxation instructed that the accounts should be frozen as provided under the Anti-Money Laundering Act 2010 for the period of 90 days. The Directorate of Intelligence and Investigation Inland Revenue, Lahore carried out a raid on manufacturing/business premises of Qaswar Mehmood, an unregistered plastic company in Lahore, and found out that it has not paid a sales tax of Rs30 million on sales worth Rs180 million for tax period between Dec 2018 to Nov 2019. After further investigation, the company was alleged of deliberately and fraudulently of evading the said amount.
