KARACHI: Directorate of Intelligence and Investigation-Inland Revenue Karachi have arrested Arshad Ali Khan, Proprietor of a bogus firm Kotila Corporation involved in the issuance of over Rs 100 million fake sale tax invoices. According to sources, a team of I&I-IR on a secret information conducted a raid at Shahra-e-Faisal that led to the arrest of the accused.
The sources told Customs Today that the detained person along with his other accomplices had been running ‘Fake Sales Tax Invoice’ business since 2010. For this purpose, he had got fake sales tax registration of 26 bogus companies. Arshad used to issue fake sales tax invoices in the names of fake companies to the companies enrolled in tax department and running businesses properly. They said that the companies used these fake invoices to adjust their financial ledgers and availed undue tax benefits either by adjusting tax amount through fake invoices or maximising refund claims.
The sources further said that a case had been registered against the detained person, who had caused a loss of Rs 100 million to the national exchequer. Moreover, the sources said that the accused person had been presented before Customs and Taxation Court on Tuesday and the court had granted his 14 day remand to the Directorate. The sources added that I&I-IR is going to extend the scope of investigation to other fake companies in the light of the information provided by the accused. They added that the recipients of bogus sales tax invoices, who enjoyed undue tax benefits, would also be investigated by the Directorate.
