FBR: case of tax evasion, the total amount of Habibullah’s bank accounts in Khyber Pakhtunkhwa was Rs. 9 billion while he paid only one lac.Rs of tax.
For the first time in the country’s history, the Federal Board of Revenue has won a case under the Anti-Money Laundering Act. This was the first case of its kind. The FBR’s Directorate of Intelligence and Investigation conducted a preliminary investigation under tax laws.
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During the investigation, 6 more bank accounts of the accused were found through which large transactions were made. The total amount of all the bank accounts of the accused was Rs. 2 billion 9 crore while he paid only Rs. 1 lakh 92 thousand 877 in 2015.
The accused hid income and bank accounts and provided false information to the tax authorities. After a detailed investigation, money laundering came to light, after which action was initiated under the Anti-Money Laundering Act, 2010.
With the permission of the court, the bank accounts of the accused have been confiscated under Section 8 of the Anti-Money Laundering Act, 2010. A final challan was filed on completion of the investigation under Section 9 of the Act and a case of money laundering and tax evasion has been registered under Section 203 of the Income Tax Ordinance 2001.
The FBR filed a petition in the court seeking tax evasion, money laundering and confiscation of money. The trial was completed on November 30, 2021, as a result of which the accused was sentenced to two years imprisonment and a fine of Rs 500,000 under Section 4 of the Anti-Money Laundering Act.
The accused was also sentenced to one year imprisonment and a fine of Rs 1 lakh under Section 192A of the Income Tax Ordinance 2001. The court also ordered confiscation of Rs 2090.4 million from the crime.