KARACHI: The Federal Special Court of Customs Taxation and Anti-Smuggling has sent a prime suspect of multi-million bogus refund scam Faraz Haroon Memon to jail who was arrested by the Directorate of Intelligence and Investigation (I&I), Inland Revenue (IR) Karachi.
According to sources, Directorate of I&I, IR, while acting upon secret information arrested main absconder of a multi-million rupees fake and bogus sales tax (ST) refund scam, Faraz Haroon Memon from his residence at KDA Housing Scheme, Karachi.
Moreover, the Court rejecting the bail plea of Memon sent him to jail custody after 14-day judicial remand. Memon, was presented before court by Directorate of Intelligence and Investigation, IR, Karachi on Thursday after completion of initial investigation.
Now the accused will be again presented before the court after fourteen days where further trial will be preceded.
However, Memon on the advice of his lawyer strongly denied the charges leveled against him by Directorate of I&I, IR and decided to fight the case. According to details, suspect is allegedly involved in bogus sales tax refunds on fake invoices and tax evasion by misusing SRO 1125. The action has been taken against him on a case registered by Directorate of I&I, IR Karachi.
Sources said Memon was continuously dodging the authorities and remained at large since the Court issued arrest warrants for him and other accomplices.
According to sources, Directorate of I&I, IR Karachi initiated the inquiry against the fake and bogus companies which were involved in causing heavy losses to national kitty by claiming fake sales tax refunds.
In this regard, authorities already arrested the Director of bogus company M/s Azhaan Ali, Ali Shan, who revealed existence of several other bogus companies, which were involved in claiming fake refunds. Shaan also revealed that accused Faraz Haroon Memon was a ringleader of their gang, who was running theses bogus companies with different names.
Sources told the gang allegedly committed millions of rupees tax fraud with the assistance of some businessmen. They said Faraz and his other associates were allegedly involved in claiming bogus sales tax refunds on fake invoices in connivance with some tax officers and added that they had also misused SRO 1125 to get millions of rupees undue tax benefits.