KARACHI: Inland Revenue Intelligence & Investigation of FBR has received the case of Muhammad Siraj Kassam Teli and his brother Haji Yasin for further investigation, as they are suspected to be involved in unauthorized capital flight, evasion of duties and tax evasion
The activities of these individuals are suspicious, as they have made repeated currency exchange transactions in a structured manner in a short span of time.
According to the case, Muhammad Siraj Kassam Teli and his brother Haji Yasin structured the transactions in order to avoid the SBP defined threshold of $35,000 for purchase of foreign currency in cash. They purchased $2.25 million in a sort span of time i.e. (October 2016 to February 2017). The foreign currency was purchased through different exchange companies against cash, which seems abnormal and suspicious.
Siraj Kassam Teli is the Director of Pakistan Beverage Limited (Pepsi Cola). He is also the director of Gul Ahmed Energy Limited, Metro Power Company, Yassir Distributors (pvt) Ltd, Yassir Fruit Juices (pvt) Ltd, Haji Kassam Haji Muhammad & Co and Pakola Products (pvt) Ltd. Siraj Kassam Teli is the Chairman of Businessmen Group (BMG) and former President of Karachi Chamber of Commerce & Industry (KCCI).
Teli is maintaining multiple business and personal accounts at various banks in different currencies and large-scale deposits and withdrawals in cash were noted during October 2016 to February 2017. He also purchased foreign currency worth $1.08 million through different companies against cash during October 2016 to February 2017.
According to the case, Siraj Kassam Teli transferred the funds from Pakistan Beverage Limited (Pepsi Cola) account to his personal PKR account, which were withdrawn through cash transactions, followed by foreign currency from open market and then deposited into foreign currency account in cash and afterwards the funds were remitted out of country in the form of AED to his personal account.
Haji Yasin is the Managing Director and Chairman of Pakistan Beverage Limited. He is also the director of Yassir Industries Limited, Yassir Distributors (pvt) Ltd, Yassir Fruit Juices (pvt) Ltd, Haji Kassam Haji Muhammad & Co and Pakola Products (pvt) Ltd. Similar pattern was observed in his accounts.
An official said that businessmen particularly those involved with trade bodies had been reported for suspected money laundering, tax evasion and unauthorized flight of capital.
Most of trade bodies are usually formed as a pressure group, which do not serve the trade and industry or the nation. An official said certain trade bodies were enabling and patronizing their members for revenue evasion and money laundering. A large number of businessmen representing various trade bodies are involved in duty/tax evasion and misuse of concessionary SROs such as SRO No. 1125(I)/2011.