4 accused in Rs9.6bn sales tax scam held in Islamabad
ISLAMABAD: The four accused arrested so far in connection with alleged sales tax fraud of Rs9.6 billion were produced before a special judge (customs, taxation and anti-smuggling) in Lahore on Tuesday. Dawn Sources in the Federal Board of Revenue told that the court granted physical custody of Khalid Mehmood, Mohammad Khalil, Rana Saqeem and Rana Shahzad Ali for 10 days.
The FBR had lodged an FIR against the accused, including 127 major beneficiaries of fake sales tax invoices, each of them having caused a loss of about Rs10 million to the national exchequer. The sources said that after the arrest of the four accused, the directorate-general intelligence and investigations widened its inquiry and conducted raids for more accused who had issued fake invoices by creating 144 dummy firms.
While investigating a case of fake invoices of Rs2.1 billion sales tax, the directorate-general intelligence and investigation found clues which led to the unearthing of a racket which had created 144 dummy firms which were registered in the regional tax offices in Lahore, Faisalabad and Karachi and issued invoices to different sales tax–registered persons across the country.
According to the FIR, some of the major industrial units found to be allegedly involved in the scam are: Exide Pakistan, Hero Motors, AGE Industries, Excel Engineering, Dewan Sugar Mills, Crown Motorcycle Company, Atta Cable, Century Engineering Industry, Pak Precise Engineering, Allied Engineering, Flying Kraft Paper Mills, Hussain Engineering Works, Atlas Battery Ltd., Hasan Board Industries, Ravi Autos, Horizon Paper and Board Mills, M.B. Dyes Chemicals and Silk Industry, Dewan Cement Ltd., Abdullah Sugar Mills, Al-Karam Paper Mills, Ansari Sugar Mills, Plum Qingqi Motor Ltd., Meric Electrical Industry, Faisal Sanitary Fitting Industries, International Metal Industries, T.U. Plastic Industry and Fateh Motors.
The complete article can be found at Dawn News.