KARACHI: Directorate of Internal Audit-Inland Revenue-Karachi has uncovered a colossal tax fraud amounting to a staggering Rs. 314 billion. The investigation, initiated under the directives of Mr. Bakhtiar Muhammad, Director General Internal Audit-Inland Revenue FBR Islamabad, has exposed the fraudulent activities of a fictitious company known as “KH & Sons.”

This scam was orchestrated under the guise of a benami entity, with the name Muhammad Kashif being used to register the company. The perpetrators behind “KH & Sons” cunningly presented fictitious operations in the Iron & Steel industry. The company purportedly operated out of multiple addresses, including Liaqat Market, Asgeri Market, and M.A Jinnah Market in Karachi.

What makes this discovery even more intriguing is the involvement of an influential and well-connected mastermind who orchestrated the entire operation. However, despite the enormity of this revelation, the FBR has yet to file a First Information Report (FIR) against the culprits responsible for orchestrating this massive fraud.

It has come to light that this sham company, “KH & Sons,” was not merely involved in tax evasion. It was also utilized for a multitude of illegal activities, raising questions about the effectiveness of regulatory oversight and the consequences for such audacious financial crimes.

As the investigation unfolds, many are left wondering how such a massive scheme managed to operate unnoticed for so long, and whether the perpetrators will ever be brought to justice.

The FBR’s Directorate of Internal Audit-Inland Revenue-Karachi has vowed to continue its efforts to unearth the full extent of this tax fraud and bring those responsible to justice. This discovery serves as a stark reminder of the pressing need for stronger regulatory measures and heightened vigilance to prevent such colossal financial frauds in the future.