Withdrawal scam in KPK: Illegal bank transfer worth PKR 20 billion unearthed

The tax-evaded amount was later transferred into different bank accounts in regions including Batkhela, Buner, and Swat in KPK’s Malakand.

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FBR (Federal Board of Revenue) has recently exhumed illegal bank transfer worth PKR 20 billion in various bank accounts as well as its withdrawal in KPK’s division Malakand this Tuesday. The entire transaction is said to be a fraud as it was an attempt at tax evasion.

The tax-evaded amount was later transferred into different bank accounts in regions including Batkhela, Buner, and Swat in KPK’s Malakand division that has been a tax-free part of Khyber Pakhtunkhwa from 2014 to 2018.

An FIR (First Investigation Report) has been lodged by the Tax Intelligence Department against all those that are supposedly part of the crime.

According to sources, the pattern of transferred data clearly reveals that the transaction took place with no economic justification. The amount was deposited in numerous sections, and similarly, cash was withdrawn in parts as well.

As per the reports, the transaction involved more than ten people, and the amount was transacted in three cases. However, the names of all those involved in the tax evasion were not revealed.

The sources further added that FIA would resume the investigation against all those involved in the tax scam. The tax evasion has been established against all these people, says a source in FIA. It is also noted that the investigation is currently at its advance stage.

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