KARACHI: The Customs Court fixed 22 Jan 2020 as date for framing charge against suspects namely Asad Alam Niazi CEO of M/s Burshane LPG Pakistan Limited Company and its directors namely Saifee Zakiruddin, D. T Sethna and Hamdia Fatin Niazi, who were nominated in mega tax evasion and money laundering scam amounting over Rs1.77 billion.
On 12 December 2020, during the hearing, all above mentioned accused were present and investigation officer produced a report for compliance of the court order and informed that on direction of this court, 09 bank accounts have been seized for 90 days, however, he moved application and argued that said bank accounts should be attached till final judgment in this case.
After the hearing, the court adjourned the hearing for Jan 12, 2020 and directed suspects to appear before the court for the next date of hearing.
According to the prosecution, on a credible information was received against M/s Burshane LPG Pakistan LTD hereinafter referred to as company which is a public limited company listed on Pakistan Stock Exchange and is being assessed at LTU Karachi, that the company is involved in tax evasion and money laundering through embezzlement with funds and fraudulent transfer of company’s funds to personal accounts by the management of the company.
As per compliant, the company has concealed investments of Rs241 million in a private limited company, M/s Roots International Brands which has been confirmed through inquiry, moreover, the inquiry has revealed that the case involves highly organized financial crime for the purpose of tax evasion and money laundering through clandestine transaction and prima facie an intricate network of various shell companies with the connivance of its external auditor and bank, this decided network for money laundering is run by the CEO of the company in collusion with other directors and CFO.
Investigation officers further revealed that the chairman of the company and an independent director nominated by National Investment Trust NIT have testified to financial crime during the inquiry, although the basic foundation of this complaint is a corporate crime.
