ISLAMABAD: Inland Revenue Intelligence and Investigation Director General Khawaja Tanveer Ahmed has briefed Federal Board of Revenue (FBR) Chairman Nisar Mohammad Khan about the anti-money laundering case against Bashir Dawood.
The DG said that Dawood concealed and manipulated the real proceeds of sale agreements, which were made between him and Ardutch BV (subsidiary of Turkish Company Areclik).
According to the sale agreements, Ardutch BV acquired two companies namely United Refrigeration (Private) Limited and Dawlance (Private) Limited from Bashir Dawood and Mariyam Dawood and another company, Dawlance Electronics (Private) Limited, from an offshore company “Pan Asia Equity Limited “ located in British Virgin Island for total amount of $242 million.
Accordingly, Bashir Dawood and Mariyam Dawood received $148 million against the sale proceeds of two companies United Refrigeration (Private) Limited and Dawlance (Private) Limited, and remaining amount of $94 million was transferred to the company “Pan Asia Equity Limited “ on account of sale of Dawlance Electronics (Private) Limited.
He said that initially Dawlance Electronics (Private) Limited was also owned by Bashir Dawood who sold the company to “Pan Asia Equity Limited” in 2013 for $3.3 million only. It appeared suspicious that how a company which was sold for only $3.3 million can fetch $94 million in three years.
It was suspected that owner of Pan Asia Equity Limited is Bashir Dawood and the related money has been received by him in British Virgin Island. Furthermore, Bashir Dawood could not give any satisfactory response when State Bank of Pakistan asked him to explain all aspects of the transaction.
The SBP froze five bank accounts of Bashir Dawood in Habib Metropolitan Bank Limited, main branch, Karachi having balance of Rs 19.721 billion for 15 days and special judge of Customs, Taxation and Anti-Smuggling has secured freezing orders further 30 days under Section 8 (1) of the Anti-Money Laundering Act, 2010.
It is pertinent to mention that Bashir Dawood has also been named in the “offshore leaks” disclosed by ICIJ earlier, having entity with the name “ Golden Lake Ventures Group Inc” incorporated in British Virgin Islands on September 21, 2004 in which both Bashir Dawood and Mariyam Dawood are directors.
