LAHORE: The Federal Board of Revenue Thursday confirmed a Benami reference of $50 million against M/s Husnain Exports after more than one and half year of investigation.
The FBR had filed a reference in August 2020 in the Benami case of $50 million by attaching realized/unrealized export proceeds of $47.5 million and immovable properties of 200 kanals worth Rs360 million.
M/s Husnain Exports was found involved in the Benami export business of pine nuts from Pakistan during the last one decade without realising/repatriating the export amount to the accounts. It was also found involved in under valuation of the exports GDs (Goods Declarations). Documents available to the scribe revealed that a written complaint filed to the FBR Benami Zone-II Lahore in Oct 2019 by the Benamidar (Sultan Mehmood) himself wherein he had alleged that Mr. Asim Ali had held a Benami business concern i.e Husnain Exports, Benami bank accounts and assets in his name for the sake of concealment of assets, money-laundering and tax evasion.
The FBR Benami Zone-II started investigation by calling the record of alleged Benami bank accounts of commercial banks and the scrutiny of bank statements and account opening forms and banking instruments to ascertain the stance of the Benamidar/complainant.
The FBR also sought the record of immovable properties from the land revenue authorities purchased by Asim Ali through Benami bank accounts. It was found that Asim Ali had purchased 196 kanals in Mauza Mustafabad in Kasur district and four kanals and eight marlas in Mauza Sundar Industrial Estate, Raiwind Tehsil, Lahore. Both the properties were found to be registered in his name and purchased from the proceeds of Husnain Exports, the Benami business concern.
The FBR had also retrieved the record from the State Bank of Pakistan. It also found some of unrealized e-forms issued by three commercial banks in the name of Husnian Exports. The unrealized e-forms as reported by the SBP were found to be less than 50 in number.
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