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Customs Court directs to freeze 18 bank accounts of M/s Khan Cargo Carrier in money laundering scam

Customs Court directs to freeze 18 bank accounts of M/s Khan Cargo Carrier in money laundering scam

KARACHI: The Customs court allowed provisionally attachment of 18 bank accounts, appears to be involved in money laundering for a period of 90 days from the date of order against Muhammad Khan, proprietor of M/s Khan Cargo Carrier, M/s Malik & Khan Brothers Goods Transport Co and M/s Khan Enterprises, who was nominated in a case of mega money laundering, tax evasion, furnishing inaccurate particulars of income/ wealth etc.

On 19 October 2020, investigation officer moved petition for attachment of 18 bank accounts of the above mentioned accused under section 8 of the anti-money laundering act, 2010 on the basis of a report attached along with the application.

After the hearing, the court allowed provisionally attachment of bank accounts and directed the investigation officer to complete procedure within 48 hours immediately and after attachment forward a copy of the order & report to the head of the investigation agency in a sealed envelope.

Earlier, investigation officer of Directorate of Intelligence & Investigation officer submitted first information report (FIR) and informs the court that during the investigation, it was revealed that above mentioned taxpayer has not filed income tax returns/wealth statements for tax year 2012-2017 and availed the amnesty in 2018 amounting of Rs56, 270,200 and paid tax Rs2, 813,510 and declared only nominal income/ receipts.

He further informed the court that it was also revealed that the above -mentioned suspect maintained several bank accounts and heavy transactions/ credit has been done which do not commensurate with the declared nominal income/ receipts.

Investigation officer stated that during the investigation, it is evident that accused has evaded huge amount of income tax of Rs931,444,699 and record shows that he is a habitual tax evader, therefore, in view of the above facts, this complaint is hereby lodged/filed under section 20 f the anti-money laundering act, 2010 read with section 3, 4, 8 and 21 of the anti-money laundering act, 2010 read with sections 192, 192A and 203 of the income tax ordinance 2001 and other related laws.

After the hearing, the court had taken the complaint into court record and directed him to complete the investigation and submit a progress report on the next date of hearing.