Benami accounts used in massive tax evasion scam; bank officials, company directors named in FIR
The Federal Investigation Agency has registered a first information report (FIR) against several people, including company directors and bank officials, for an alleged fraud involving over Rs 6,600 crore.
According to the FIR, the accused allegedly opened benami bank accounts using the identities of individuals and diverted sales proceeds of a private company, Biscuits Manufacturing Private Limited Company, through these accounts to evade taxes.
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 operate accounts despite genuine biometric verification, while a bank official allegedly played a key role in opening and managing these accounts.
The FIA claimed that the scheme caused significant losses to the national treasury due to tax evasion.
An FIR has been registered under multiple sections of the Pakistan Penal Code and the Prevention of Corruption Act, and further investigations are underway to determine the involvement of other officials. The FIA stated that the banker has been arrested and further investigations are underway.
