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Customs Court issues warrants against directors of M/s Malik Brothers Logistics

Customs Court issues warrants against directors of M/s Malik Brothers Logistics

KARACHI: The Customs Court issued bail-able warrants against suspects namely Muhammad Mansha and Karamat Ali, directors of M/s Malik Brothers Logistics, who were booked in another case of tax evasion and money laundering of Rs265,264,660.

On 28 February 2020, during the hearing, investigation officer submitted first information report (FIR) against the above mentioned suspects and informed the court that during the investigation, it was revealed that the accused/ company has evaded huge amount of income tax, since this amount exceeds Rs10 million, hence the accused has committed predicate offence of concealment of income, tax evasion, suppression of income/ amount chargeable to tax, anti-money laundering act, 2010 inserted vide SRO 425(1)/2016.

During the hearing, investigation officer also moved an application for attachment accused’s 14 bank accounts,

After the hearing, court passed order and observes that “I have gone through the contents of the complaint which show that prima-facie case is made out, therefore, the cognizance is taken, the complaint be registered, the office is directed to issue bail-able warrants against above mentioned suspects in the sum of Rs20 lacs only each.

On perusal of application & attached report which investigation officer reasonably believes to be the properly involved in money laundering, I allow provisionally attachment of 14 bank accounts appears to be involved in money laundering for a period of ninety days from the date of the order.

The investigation officer shall within 48 hours immediately after attachment under section 8(1) forward a copy of the order & the report to the head of the investigating agency in a sealed envelope”.