Benami accounts used in massive tax evasion scam; bank officials, company directors named in the FIR
The Federal Investigation Agency has registered a first information report (FIR) against several persons, including company directors and bank officials, for an alleged fraud involving over Rs6.6 billion.
According to the FIR, the accused allegedly opened Benami bank accounts using the identities of individuals and routed the sales proceeds of a private company, Biscuits Manufacturing Private Limited Company, through these accounts to evade tax.
Investigators revealed that the funds were initially deposited into accounts at one commercial bank and then transferred to accounts at another, where large cash withdrawals were made.
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The investigation found that proxy signatures were used to manage accounts despite genuine biometric verification, while a bank official allegedly played a key role in opening and managing these accounts.
The FIA said the scheme resulted in significant losses to the public exchequer due to tax evasion.
An FIR has been registered under several sections of the Pakistan Penal Code and the Prevention of Corruption Act, and further investigation is underway to determine the involvement of other officials. The FIA said the banker had been arrested and further investigations were underway.
