ISLAMABAD: The Anti-Benami Zones established by the Federal Board of Revenue (FBR) have successfully detected benami assets totaling Rs7.4 billion, following thorough investigations in Karachi, Islamabad, and Lahore.
According to a press release on Wednesday, the zones have filed 27 references before the adjudicating authority, confirming the involvement of these benami assets.
Details of the detected benami assets include references filed in various categories:
1. Benami Transactions of Stock Shares: Five references worth Rs159.44 million.
2. Benami Immovable Properties: Six cases amounting to Rs5.849 billion.
3. Benami Bank Account: One case involving Rs1.04 billion.
4. Benami Vehicles: Detection of vehicles worth Rs351.55 million.
The Karachi Anti-Benami Zone played a leading role in the detection, contributing approximately 78% or Rs5.77 billion to the total detected benami assets. The Karachi Zone filed 21 references in various categories, including benami shares, immovable properties, a bank account, and vehicles.
In accordance with the law, the Anti-Benami zones submit references in cases of suspected benami assets before the Benami Transactions Adjudicating Authority. This authority, acting independently, provides an opportunity for the alleged benamidars (individuals holding benami assets) and beneficial owners, as well as the referring department, to be heard. After due deliberation, the adjudicating authority either confirms or revokes the attachment orders issued by initiating officers.
The 27 references submitted by the Anti-Benami zones in Islamabad, Karachi, and Lahore, which have now been confirmed, involve benami assets worth Rs7.4 billion. Following the legal and administrative processes, these assets will be confiscated after confirmation of orders from the Federal Appellate Tribunal, as per the established legal procedures by the federal government. The proactive efforts of the Anti-Benami Zones underscore the commitment to combatting benami transactions and ensuring transparency in financial dealings.
