Federal Board of Revenue (FBR) has taken action against Pakistan Cricket Board (PCB) Chairman, Najam Sethi, over receiving gifts worth Rs. 16 million, reports a local news channel.
According to the reports, over 200 names have been mentioned in the list compiled by the FBR. Sethi has declared gifts were indeed worth Rs. 16 Million.
In the past, this technique has been used by the Ministers, Government officials and other elite groups of the country to launder black money.
Read More: Pakistani Elite are Using Gift Schemes for Money Laundering
FBR has also taken notice of this act of converting black money into white and has asked a breakdown of these received gifts.
In cases where it is found that gifts were used for tax evasion, the assets of the individuals are confiscated by the FBR under Anti-Money Laundering Act 2010 and criminal cases are filed in the Special Court of Customs and Taxation.
Such individuals are also liable to punishments of up to 10 years in prison, heavy fines and forfeiture of all of their properties.
Read More: FBR Starts Action Against People Who Received Rs 102 Billion in Gifts
Najam Sethi, along with 20 others, are feared to face the same consequences if FBR gets a firm evidence any money laundering under the ‘gifts’ scheme.
Via DunyaNews
