ISLAMABAD: The Federal Board of Revenue (FBR) has detected a huge money laundering case and recovered record Rs6.2 billion.
The FBR’s Directorate General Intelligence & Investigation (I&I) Inland Revenues (IR) has made the highest-ever recovery of tax liability amounting to Rs6.2 billion, from a couple, Bashir Dawood and Maryam Dawood, of the Dawlance Group under the Anti-Money Laundering Act 2010.
On Friday, the Inland Revenue Intelligence recovered this amount after the hearing at the Special Court Customs & Taxation Karachi, where the trial of Dawoods, allegedly accused of tax evasion, tax fraud, and money laundering was going on.
The Director General, Khawaja Tanveer Ahmed, declared this a landmark case in the history of FBR, and admired the efforts of I&I-IR team who worked relentlessly on this case. He maintained that keeping the same path, the Directorate General would be able to recover billions of looted money of the government exchequer.
On 26.05.2017, the Directorate of Karachi received cheques of Rs6.2 billion of evaded tax in the case of Bashir Dawood & Ms Marium Dawood before the Court of the Special Judge Customs, Taxation and Anti-Smuggling Karachi.
Bashir Dawood and Mariyam Dawood were major shareholders in three companies namely M/s United Refrigeration (Pvt) Ltd, M/s Dawlance (Pvt) Ltd and M/s Dawalance Electronics (Pvt) Ltd till the year 2013. By the end of year 2013, they sold M/s Dawlance Electronics (Pvt) Ltd to a BVI Company (M/s Pan Asia Equity (Pvt) Ltd) for $3.3 million and dividends of $35 million were remitted to BVI during the next three years. Afterwards, in September 2016, all of the above referred three companies were purchased by a Turkish company for consideration of $242 million.
The sale value of M/s Dawlance Electronics (Pvt) Ltd, that was sold at $3.3 million three years ago, the deal was $94 million. After these suspicious transactions, the authorities traced and attached five bank accounts of Bashir Dawood and Mariyum Dawood, having deposits of Rs19.72 billion. After taking over the case, I&I-IR Karachi gathered the evidence, linked them with each other and immediately lodged an FIR/complaint under Section 191A/203 of Income Tax Ordinance, 2001 read with Section 3 & 8 of Anti-Money Laundering Act, 2010 in the Court of Special Judge Customs, Taxation Karachi.
