KARACHI: The Financial Monitoring Unit (FMU) of the State Bank of Pakistan (SBP) has reported Ahmed Ali s/o Sadiq Ali and Nargis Ali w/o Ahmed Ali as the activities of these individuals are suspicious as they have made repeated currency exchange transactions in a structured manner and purchased high volumes of GBP and USD. Moreover, high value transactions were observed in their accounts, which are not in line with their business profile and they have also remitted huge volumes of funds out of country.
An official said these cases were detected and reported in the tenure of previous government, however no appropriate action was taken. While the present government is only pursuing targeted action against corruption, therefore the Federal Board of Revenue (FBR) is still indifferent to such large-scale corruption and evasion.
Ahmed Ali is a former senator and was associated with MQM. Reportedly, the husband and wife duo is running a business named M/s Knitwear Pvt Ltd, which deals in manufacturing and exports of textile products. M/s Knitwear Pvt Ltd is registered for tax and also registered with SECP. It was formed in 1977.
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According to the Financial Monitoring Unit (FMU) of State Bank of Pakistan (SBP), the activities in the accounts of M/s Knitwear Pvt Ltd and Mr. & Mrs Ahmed Ali were noticed abnormal during routine transaction surveillance as high volume of funds were transferred to multiple other accounts and out of country as well.
The suspects were maintaining 14 accounts in multiple currencies. The purpose of maintaining these multiple foreign currency accounts is not clear which generates a suspicion.
The Financial Monitoring Unit (FMU) reports the suspects remitted abroad USD2.77 million and GBP 2.28 million until now. It is reported that similar type of transaction pattern would have been adopted by the suspects in their closed accounts as well.
Mr. & Mrs Ahmed Ali were maintaining multiple foreign currency accounts at different banks and branches, and most of them have been closed on customer requests. The amount of tax paid by the suspects is very less as compared to the volume of activity in accounts.