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FBR Uncovers Rs 9.41 Billion Wealth Statement Fraud

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Animated editorial illustration for: FBR Uncovers Rs 9.41 Billion Wealth Statement Fraud
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At a glance

  • FBR uncovered fraud involving Rs 9.41 billion in unexplained assets.
  • 85 taxpayers illegally revised wealth statements for tax years 2014-2019.
  • A criminal case has been registered under the Anti-Money Laundering Act.

Story so far

The Federal Board of Revenue (FBR) announced it has busted a major fraud amounting to Rs 9.41 billion. The scheme involved 85 taxpayers who illegally revised their wealth statements for tax years 2014 to 2019, adding previously undeclared assets. The FBR's investigation wing has launched 48 criminal inquiries and registered a case under the Anti-Money Laundering Act, 2010.

Latest development

The Federal Board of Revenue has uncovered a Rs 9.41 billion fraud where taxpayers illegally revised old wealth statements to whiten unexplained assets. According to the FBR, 85 individuals made revisions for tax years 2014-2019, long after the legal deadline, inserting assets like cash, gold, and property.

Responses

  1. Ayesha Khokhar 2 hours ago

    It’s encouraging to see the FBR using data analytics to uncover this level of fraud. I wonder if this will also lead to systemic changes to make such retrospective revisions impossible in the first place.

Latest Fact Checks

Business Recorder

FBR busts Rs9.41bn wealth statement fraud

ISLAMABAD: The Federal Board of Revenue (FBR) has busted a fraud in which taxpayers illegally revised their old wealth statements to bring unexplained assets worth Rs 9.41 billion into their declared wealth. A criminal case under the Anti-Money Laund

Usama MehboobUsama MehboobEditor
Categories: Crime and Law Enforcement
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