KARACHI: Intelligence & Investigation I&I-IR Karachi’s team in connection with the investigation in case of Damac Properties of Dubai went to the office of a private firm located at Jinnah International Airport Karachi and collected data of black money which has been sent out of Pakistan since 2013.
The campaign against money laundering and black money launched by Intelligence & Investigation (I&I) of Inland Revenue Service (IRS) is in full swing.
Recently, I&I of Inland Revenue Service (IRS) cracked down laundering of black money in the garb of real estate investment abroad. A couple of exhibitions organized by UAE bases real estate developers were raided and records were taken into possession.
An exhibition of Damac Properties of UAE was also raided and several irregularities were noticed. 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 recently.
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.
It may be mentioned here that Nawaz Sharif led government is making all efforts to streamline the affairs at various levels while Director General I&I (Customs) Lutfullah Virk and Director General I&I (Inland Revenue), Haroon Tareen have been tasked to eliminate money laundering and black money. Sources said that these two officers have been accorded complete authority to root out this menace from the country.
Sources told Customnews.pk that Intelligence & Investigation authorities of the IRS have now directed their focus on Karachi real estate market particularly in Defense Karachi and Clifton.
Real estate in Pakistan is also covering black money as properties particularly in Defense Karachi are registered at very lower values as compared to their real value.
It was known that black money and tax-evaded money to the tune of billions of rupees has been parked in the real estate market.