Biscuit firm directors, banker booked for tax evasion, fraud in Punjab
LAHORE: The Federal Investigation Agency (FIA) has booked seven persons, including directors of a biscuit company and a bank official, on charges of money laundering, fraud and tax evasion. According to the FIR, during the course of inquiry conducted by the FIA, CBC Lahore, it transpired that benami bank accounts were opened to evade taxes on sale transactions of billions of rupees and money laundering was also committed. “The benami accounts were opened on the CNICs of Abdullah Maqsood, Arsalan Ahmad and Maqsood Ahmad by banker Mazhar Ejaz and other bank officials. After opening the accounts, sale proceeds worth billions of rupees of M/s Innovative Biscuits Pvt. Ltd. (the company) Lahore, having proprietors Sheikh Munir Hussain and Amir Raza, CEO and directors of the company, were parked initially in a different bank and later on transferred to benami accounts from where cash amounts were withdrawn,” it says. During the probe, the genuine signatures of the account holders were found to be similar with their specimen signatures as per forensic report.