Tax authority files benami property case against banker

Tax authority files benami property case against banker

KARACHI: A tax office of the Federal Board of Revenue (FBR) has filed a reference against a person, who is chairman of an Islamic bank, for obtaining benami properties.

A press release issued on Monday stated that the Anti-Benami Initiative Zone-III, Karachi of the FBR has filed a reference before the Adjudicating Authority under section 22 of the Benami Transactions (Prohibition) Act, 2017 against the chairman of one of the leading Islamic banks in the country.

It is a first case of its nature in which incidence of benami transaction was identified in purchase of 40 million shares of an Islamic commercial bank of private sector worth Rs. 380 million.

The shares of the Islamic bank were purchased by the benamidar by showing that he took loan from an off shore company belonging to the beneficial owner in 2014 and 2015. In 2020 the same shares were transferred to the beneficial owner without an arms’ length transaction.

The shares of the bank worth Rs. 380 million have been attached as per law and reference has been submitted before the Adjudicating Authority who shall adjudicate to confirm, or otherwise, the attachment of the shares whereinafter the same shall be confiscated by the federal government.