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

KARACHI: The Financial Monitoring Unit (FMU) of the State Bank of Pakistan has forwarded the case of Khurshid Mahmood Kasuri, Nasreen Mahmood Kasuri, Ali Mahmood Kasuri, Kasim Mahmood Kasuri and Nasir Mahmood Kasuri 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.

Kasuri family has multiple businesses but their main family business is M/s Education Services (Pvt) Limited i.e. Beaconhouse School System, The Educators. Kasuri family has been frequently foreign currency from different exchange companies in a structured manner and in a short span of time. Therefore, different exchange companies reported Suspicious Transaction Report (STR) on the group of family members to Financial Monitoring Unit (FMU) of State Bank of Pakistan (SBP).

The family purchased 4.9 million US dollar and 5.3 million GBP during January 2017 top November 2018. Moreover, the family members are maintaining multiple personal accounts in different banks and turnover in these accounts has been on higher side.

The suspects remitted 3.61 million US dollar, 6.14 million GBP and 0.28 million AED to different countries during a period of one year. The funds were usually sent to USA, England and UAE and the purpose of remittances was usually declared as personal use, family purpose etc.

The beneficiaries of these funds are usually the individuals themselves, which indicates that they are remitting the funds to their own personal accounts maintained at banks of different countries.

The FMU report notes that in October 2018, Sindh Eduction Department suspended the registration of Beaconhouse School System. The decision was taken in view of the schools’ failure to comply with the Supreme Court order to submit the additional amount in fees collected from students to the Supreme Court registry.

Supreme Court has also instructed FIA to crackdown against different private schools including Beaconhouse School System.

Educational Services (pvt) Limited is registered with SECP and runs several educational facilities including Beaconhouse and The Educators.

FMU reports that the income tax payments of the Kasuri family members have not been consistent when compared with turnovers in their accounts. It is probable that the personal accounts are being used for conducting business transactions in order to evade income taxes.

FMU has noted that concerned banks did not report any suspicious transaction report (STR) or currency transaction report (CTR) on Kasuri family members despite very high turnover in personal accounts and funds remitted abroad regularly.

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