Financial monitoring unit refers more cases to FBR’s Inland Revenue Intelligence & Investigation | CustomNews.pk

Financial monitoring unit refers more cases to FBR’s Inland Revenue Intelligence & Investigation

KARACHI: The Financial Monitoring Unit (FMU) of State Bank of Pakistan (SBP) has forwarded details regarding suspicious transactions of certain individuals to Federal Board of Revenue (FBR). The suspects include Muhammad Ali Financial Controller at Blue Zorro; Syed Ali Kashan Naqvi Assistant Manager K-Electric and Shaikh Aftab Ahmed real estate agent. Heavy turnovers have been noticed in the accounts of all the three suspects and the transactions in the accounts do not match with the profiles of the suspects. Rs72.44 million was deposited in the account of Muhammad Ali via 71 cash transactions conducted during two consecutive days (i.e. 25-26 May 2016) and various CDRs were issued immediately from the account of Muhammad Ali totaling to the same amount in favor of Syed Ali Kashan Naqvi. The CDRs were then deposited in the account of Syed Ali Kashan Naqvi during 19-27 July, 2016 from where the funds were immediately withdrawn for the purchase of national prize bonds. The said activity is apparently suspicious as the source of funds deposited in the account of Muhammad All is cash. Heavy amount of funds have also been credited in the accounts of Shaikh Aftab Ahmed and more than R4.779 billion have been credited in his accounts in the last two years. Despite such huge transactional activity noticed in the accounts, none of the suspects filed even a rupee as tax for the fiscal year 2014-15 as evident from the FBR's website. Therefore, the financial intelligence is being referred to Inland Revenue Intelligence & Investigation under the provisions of Anti-Money Laundering Act (AML Act 2010) for necessary action as deemed appropriate.
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