KARACHI: The Federal Special Court of Customs Taxation and Anti-Smuggling has rejected the bail application of a prime suspect of multi-million bogus refund scam Faraz Haroon Memon.
According to sources, Faraz Memon who is also known as Don of bogus refunds plead for bail before the Special Court of Customs Taxation on the medical grounds. However the court has rejected the bail application and kept him in jail custody.
Earlier, the same court had sent a prime suspect of multi-million bogus refund scam Fearaz 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 had 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, last month..
Moreover, the Court rejecting the bail plea of Memon had sent him to jail custody. Memon, was presented before court by Directorate of Intelligence and Investigation, IR, Karachi last month after completion of initial investigation.
According to details, suspect is allegedly involved in bogus sales tax refunds on fake invoices and tax evasion by misusing SRO 1125. The action had been taken against him on a case registered by Directorate of I&I, IR Karachi.
According to sources, Directorate of I&I, IR Karachi had 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. Shan also revealed that accused Faraz Haroon Memon was a ringleader of their gang, who was running theses bogus companies with different names.