Federal Investigation Agency (FIA) apprehended the owner of a private company and his son on Tuesday over allegations of engaging in a significant tax fraud totaling Rs 5 billion. The Federal Board of Revenue (FBR) verified that the company is suspected of employing counterfeit sales invoices to evade taxes amounting to billions of rupees.
Following an investigation by the FBR, it was uncovered that the company, associated with individuals named Nawab Khan and Aftab, is implicated in the fraudulent activities. The fraudulent scheme primarily targeted the steel sector in Karachi, as disclosed by the FBR.
Statements from the FBR indicated that both the father and son were apprehended in Karachi, with an official case filed against them. Over a span of three months, the FBR conducted an extensive probe into the company’s records. During the investigation, it was revealed that Nawab Khan was directly involved in issuing fraudulent receipts and deceiving buyers with counterfeit invoices to generate fictitious tax returns. According to FBR findings, the scrutinized company made significant local purchases amounting to Rs 13.88 billion from December 21, 2023, to February 23, 2024. Additionally, the FBR expressed concerns regarding a disputed claim of Rs 2.36 billion in tax input.
