Shady transactions: FBR takes action against money laundering suspects

ISLAMABAD: Federal Board of Revenue (FBR) has taken action against suspects allegedly involved in the money laundering wherein one of the suspects couldn’t establish the trail of the payment of Rs1.1 billion made by his account, ARY News reported on Friday.

The tax profile of the suspect revealed unaccounted for transactions which moved the authorities to act, said FBR. Another accomplice of the suspect also made a transaction of over Rs32 million, according to the FBR.

Besides the revenue regulatory revealed that both suspects had more than 50 local and international bank accounts, and were involved in shady transactions, money laundering activities. The combined sum of the transactions worth Rs1.4 billion was made through the suspects’ accounts.

The authority has lodged a case against them under Section 8 of the Anti-Money Laundering act.

In another case, the FBR officials seized 80 cartons of contraband cigarettes amid a raid in Peshawar.