KARACHI: The concerned authorities of Federal Board of Revenue (FBR) have sorted out the data of Pakistani national who had made investments in the real estate of Damac Properties in UAE, and it turns out several bureaucrats, politicians and prominent businessmen have made big investments in UAE real estate through Damac.

Directorate of Intelligence & Investigation Inland Revenue (I&I-IR) raided the exhibition of Damac Properties Dubai last month at Marriot Hotel, Karachi.

Latter on data of 700 people was acquired by I&I-IR who wanted to make investment in Dubai’s real estate sector.

Sources said a huge sum of black money earned through corruption and illegal means is moved out of the country in the garb of investments abroad particularly in the real estate sector of UAE.

Last month FBR authorities raided two exhibitions staged by real estate developers of UAE and took possession of data and records. It was also reported that the transactions at these exhibitions were carried on manually as well as suspicious manner.

Sources said that there was an organized setup that was facilitating money laundering one way or another. Sources said that after the UAE real estate investment exhibitions were ended post raids, the unscrupulous elements are likely find some other means , for which the concerned authorities have taken due measures.