FMU forwards ‘benami transactions’ case to FBR |

FMU forwards ‘benami transactions’ case to FBR

KARACHI: The Financial Monitoring Unit (FMU) of State Bank of Pakistan (SBP) has forwarded details regarding suspicious transactions of an individual Imtiaz Ahmed to Federal Board of Revenue (FBR). The activities of the individual are suspicious as the pattern of transactions in account are not matching with the profile of the suspect. Further he is conducting large size cash and internal bank funds transfer transactions in his account. Apparently, it seems that his account is being used for ‘benami transactions’. Imtiaz Ahmed is reportedly working as a General Manager in Sana Industries Private (Limited) since 2006 at a monthly salary of Rs55,000. He is maintaining his salary account in Habib Metro Bank Limited. Several large size transactions in the form of frequent cash deposits/withdrawals, internal bank transfers through cheques and clearing are noticed in his account, which are not matching with his current profile. The FMU has noted that based on their transactional behavior, operations of accounts, flow of funds, employment and tax status it is suspected that individual accounts are apparently being used for the ‘benami transactions’ on behalf of employer Sana Industries Private (Limited).
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