KARACHI: The Intelligence & Investigation of Inland Revenue Service raided a five-star hotel in Karachi and seized all the records pertaining to the movement of black money through informal channels i.e. ‘hundi’ and ‘Hawala’.
According to the details of the case, Additional Director I&I-IRS, ASim Iftikhar and Deputy Director I&I-IRS Asif Abro on the directives of Director General I&I of IRS, Haroon Tareen, raided an exhibition organized by Damac Properties of UAE.
The IRS team has seized all the records, which is suspected to be regarding transfer of black money through informal and illegal channels.
Damac is registered with over 22 countries of the world. In Pakistan Damac registered with FBR in 2004 and since then the company has not filed any return. The address on their NTN registration is Diplomatic Room No. 4, PC Hotel, which was proved to be fake.
I&I-IRS sources informed Customnews.pk that Damac was asked to furnish regarding all the bookings on February 08, 2015, but they did not submit anything.
Damac is holding an exhibition at a local five-star hotel to attract investors for the real estate projects in UAE.
I&I sources said that the group was making property bookings in a very suspicious manner and on paper slips instead of any computerized data base.
Official said that a bid to launder around Rs500 million was foiled while the IRS secured details of the investors.
It may be mentioned here that the I&I of IRS has initiated a crackdown against money laundering, which is being carried out in the garb of investments in the foreign real estate projects.
Quite recently another such exhibition organized by Al-Ammar Developers of Dubai was raided and records were seized. Sources said that, IRS has secured details along with evidence of Pakistan’s nationals who invested their black money in these projects, which is suspected to be a cover of money laundering.