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Textile tycoon

Tax fraud of Rs110 million by Textile tycoon

Islamabad: A presumed textile magnate is arrested as he is accused to be involved in a tax fraud of Rs110 million. The Karachi-based textile mill owner was arrested on Friday last week following a major breakthrough achieved by the intelligence arm of the Federal Board of Revenue (FBR) that uncovered a racket pertaining to bogus transactions to evade sales tax. The tycoon was released on bail on Tuesday by the Special Judge of Customs and Taxation after he agreed to deposit a pay order of Rs27.8 million, which is 25% of…