The Federal Board of Revenue (FBR) on Wednesday filed a case against the owner of the company – K H & Sons – Mohammad Kashif and Mohsin Ali for allegedly being involved in the largest tax fraud case in the country’s history of Rs314 billion.
According to the details, a significant development came to light, when the FBR filed a case against the owners of K H & Sons Company, Kamal Mohammad Kashif, and Mohsin Ali, for tax fraud.
Sources within the FBR revealed that efforts are underway to apprehend the nominated suspects who were allegedly involved in conducting businesses through fake invoices.
As per FBR spokesperson, mastermind – Kashif and his partner Mohsin – was showing sales of iron and steel thought-out the country by creating fake invoices. The authorities are also looking to apprehend 15 more individuals involved in the network.
It is pertinent to mention here that the Federal Board of Revenue (FBR) has unearthed the country’s biggest tax fraud worth Rs314 billion committed by a fake company, K H & Sons.
The tax fraud was detected by the Director-General Internal Audit Inland Revenue team. The K H & Sons company only existed on paper and is registered with a benami individual Muhammad Kashif.
The fake company’s documents showed it was running the business of iron and steel, whereas, it mentioned addresses of Liaquat Market, Agri Market and M A Jinnah Market.
Sources revealed the name of the fake company was used for different illegal activities.