Financial Monitoring Unit (FMU) reports Lakhanis for unauthorized capital flight, evasion | CustomNews.pk

Financial Monitoring Unit (FMU) reports Lakhanis for unauthorized capital flight, evasion

KARACHI: The Financial Monitoring Unit (FMU) of the State Bank of Pakistan has forwarded the case of Amin Mohammad Lakhani and Anika Amin Lakhani to Inland Revenue Intelligence & Investigation as they are suspected to be involved in unauthorized capital flight, evasion of excise duties and tax evasion by setting up offshore companies. The activities of the abovementioned individuals are suspicious as they carried out high value repeated currency exchange transactions during a short period of time (March 2016 to August 2016), Financial Monitoring Unit (FMU). Amin Lakhani, brother of Sultan Lakhani, is the Director of Lakson Group. He is also CEO of Siza Foods (pvt) Ltd; CEO of McDonald’s Pakistan; CEO of Tritex Cotton Mills; Board member of Lakson Investments and Lakson tobacco Company. He is also non-executive director of Century Paper & Board Mills, Century Insurance, Clover Pakistan and Colgate Palmolive Company. Amin Lakhani purchased $340,200 worth of foreign currency from HBL Exchange Company during April-August 2016. Moreover, it was found that the suspect has exchanged currency through cheaques of Habib Metropolitan Bank, where he is maintaining multiple individual and joint accounts with his wife and daughter, in different currencies. Since inception, very high turnover to the tune of billions was observed in all accounts, which is very high for accounts of personal usage as the purpose of accounts was declared as personal/saving account. Amin Lakhani is also named in Panama Papers for owning multiple off-shore companies including Gliston Capital Ltd, Jaspar Jade Overseas Ltd and Osprey Finance Ltd located in British Virgin Islands. Anika Amin Lakhani daughter of Amin Lakhani purchased $180,700 worth of foreign currency from HBL Exchange Company during Marchl-May 2016. Moreover, it was found that the suspect has exchanged currency through cheaques of Habib Metropolitan Bank, where she is maintaining multiple individual and joint accounts with father and mother, in different currencies. Further, the funds were being remitted out of country. Reportedly, a sum of AED7.049 million were remitted out of country. Financial Monitoring Unit (FMU) of the State Bank of Pakistan reports that after analyzing their financial activities it has been noted that repeated currency exchange transactions were made by Amin Lakhani and Anika Amin Lakhani. “It is probable that the aforementioned suspects are possibly involved in unauthorized capital flight, evasion of duties and taxes by setting up offshore companies. Therefore, the financial intelligence is being shared with the Inland Revenue Intelligence & Investigation of FBR under the AML Act 2010 for the action deemed appropriate,” the FMU report added.  
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