KARACHI: Federal Investigation Agency (FIA) has arrested a business man and his son following allegations of involvement in a massive tax fraud amounting Rs 5 billion.
FBR has confirmed that the company is suspected of using fake sales invoices to evade taxes worth billions.
An investigation by the Federal Board of Revenue has revealed that the company, associated with individuals named Nawab Khan and Aftab, is linked to the fraudulent activity.
The fraudulent scheme primarily targeted the steel sector in Karachi, as disclosed by the FBR.
According to the statements from the FBR indicated that both the father and son were arrested in Karachi, with a case officially registered against them.
Over the course of three months, the FBR conducted an extensive probe into the company’s records.
In the investigation, it was discovered that Nawab Khan was directly involved in issuing fake receipts and deceived buyers with fake invoices to generate false tax returns.
Read more: FBR outlines new registration process for importers of unregistered mobile phones
The company under scrutiny made substantial local purchases amounting to Rs 13.88 billion from December 21, 2023, to February 23, 2024, according to FBR findings.
Moreover, the FBR expressed concerns over a disputed claim of Rs 2.36 billion in tax input.
ISLAMABAD: The Ministry of Religious Affairs has issued new instructions for Pakistani pilgrims going to…
ISLAMABAD: The prices of various smartphones in the country are likely to drop by Rs…
MUZAFFARABAD: The Azad Kashmir High Court has ordered the restoration of the Pakistan Tehreek-e-Insaf (PTI) election…
KARACHI: The Iranian Rial continues to face significant challenges internationally due to sanctions and economic conditions. It…
KARACHI: The price of gold in Pakistan has decreased by more than Rs 10,000, according…
ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has issued a warning for mobile phone users against…