KARACHI: The Intelligence & Investigation of Inland Revenue has Monday arrested one Abdul Ghani Khanani who was wanted in an FIR lodged against M/s Asian Textiles.
The I&I-IR team led by Director Abdul Nabi Somro conducted arrested the culprit from New Jamia Cloth Market Karachi.
It may be mentioned here that I&I of Inland revenue on the directives of Director General Haroon Tareen has initiated a campaign against the misuse of concessionary SROs by the textile sector
He was providing finance to bogus textile firms who were involved in misusing of concessionary SRO 1125(I)/2011. They were importing yarn at reduced rates pretending to be manufacturers despite the fact that they were not manufacturers.
Khanani was operating 33 bank accounts and was carrying out transactions to the tune of billions of rupees.
An official said that this racket had inflicted a loss of billions of rupees to the national exchequer and added that rigorous investigations were underway and more arrests were expected.