FMU reports Mahmood Mehdi Kazmi for unauthorized flight of capital

KARACHI: The Financial Monitoring Unit (FMU) of the State Bank of Pakistan has reported Mahmood Mehdi Kazmi s/o of Syed Mahmood Masood Kazmi for suspected unauthorized flight of capital.

Mahmood Mehdi Kazmi was the Chief Executive of M/s Asia Care Health and Life Insurance Company, which was the wholly owned subsidiary of M/s Noor Sehat Health System Ltd. (Cayman Island based company).

M/s TPL Trakker Limited acquired M/s Asia Care Health and Life Insurance Company from M/s Noor Sehat Health Systems Ltd. for a consideration of Rs260.2 million. The acquisition process was completed in the month of September 2016.

FMU reports that the sale proceed of Rs260.2 million was transferred from the account of M/s TPL Trakker to the account of M/s Noor Sehat Health Systems. However, Mahmood Mehdi Kazmi was the only authorized person to operate the account of M/s Noor Sehat.

According to FMU findings, Kazmi further transferred the funds to his personal account being maintained at Bank Alfalah Ltd, which is unusual.

The funds were withdrawn from his account through cash tranches, followed by purchase of foreign currency from the exchange companies and deposit into his foreign currency account being maintained at Bank Alfalah Ltd in cash and afterwards the funds were remitted out of country to his personal account being maintained at Capital one Bank, USA.

The Financial Monitoring Unit (FMU) has forwarded the Currency Transaction Report (CTR) and Suspicious Transaction Report (STR) to Inland Revenue Intelligence & Investigation for further investigation.

It may be mentioned here that FMU has detected several cases and forwarded to Inland Revenue Intelligence & Investigation for the recovery of government revenue and protection to country’s financial system, but no action was ever taken in this regard, which raises the question whether the Inland Revenue officials were getting richer instead of the government treasury.

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