KARACHI: The Federal Board of Revenue (FBR) has filed a reference against a chairman of an Islamic bank for possessing benami properties, a statement said.

The Anti-Benami Initiative Zone-III, Karachi of the revenue board 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 the first case of its kind in which the incidence of benami transaction was identified in the purchase of 40 million shares of an Islamic commercial bank of the private sector worth Rs380 million.

The shares of the Islamic bank were purchased by the benamidar by showing that he took loan from an offshore 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, it said.

The shares of the bank worth Rs380 million have been attached as per the law and reference has been submitted before the adjudicating authority who would adjudicate to confirm, or otherwise, the attachment of the shares wherein after the same would be confiscated by the federal government, it added.

Also Read

FBR to raise direct tax ratio through monitoring retail transactions

KARACHI: The tax authorities have launched initiatives to increase the ratio of...