The Federal Investigation Agency (FIA) took into custody the owner of a private company and his son on Tuesday over accusations of being involved in a major tax fraud amounting to Rs. 5 billion.
The Federal Board of Revenue (FBR) has officially stated that the company is under suspicion of using fake sales invoices to evade taxes worth billions.
An inquiry conducted by the FBR uncovered the involvement of a company, connected to individuals identified as Nawab Khan and Aftab, in the fraudulent scheme.
According to the FBR’s findings, the fraudulent activity primarily focused on the steel sector in Karachi. It further added that a case has been registered against the father-son duo after being detained in Karachi.
During a comprehensive three-month investigation, the FBR thoroughly examined the company’s records. The investigation revealed Nawab Khan’s direct involvement in issuing fraudulent receipts and deceiving buyers through the creation of counterfeit invoices to generate illegitimate tax returns.
According to the findings of the FBR, the company under investigation conducted significant local purchases totaling Rs. 13.88 billion from December 21, 2023, to February 23, 2024. Moreover, the FBR raised concerns regarding a disputed claim of Rs. 2.36 billion in tax input.
Source: Ary News
