In a recent twist of events, the Federal Board of Revenue (FBR) has set its sights on Vicky Trading Pvt. Ltd., probing its alleged involvement in a staggering Rs23 billion money laundering case linked to Bahria Town. Let’s delve into the details of this intriguing investigation.
The Start of the Inquiry:
It all began in July 2019 when a complaint lodged by Mohammad Ejaz, an FBR official, raised suspicions about Vicky Trading’s dealings with Bahria Town. This kicked off a thorough investigation into the company’s financial affairs.
Questionable Transactions Unveiled:
Documents revealed a maze of transactions totaling a whopping Rs319 billion between Bahria Town and Vicky Trading from 2014 to 2018. What’s perplexing is the absence of land acquisitions by Vicky Trading despite receiving such massive funds.
Peeling Back the Layers of Vicky Trading’s Operations:
Upon closer inspection, it became evident that Vicky Trading operated without any listed employees, hinting at potential tax evasion tactics and financial maneuvering.
Preliminary Findings and Legal Proceedings:
The FBR’s initial findings pointed to glaring inconsistencies totaling Rs82.825 billion, prompting the issuance of show-cause notices to Vicky Trading’s directors. However, the company vehemently defended itself, alleging that the investigation overreached its boundaries.
The Ongoing Legal Battle:
Despite the legal wheels turning, progress has been sluggish, with no significant breakthroughs reported. Waqas Riffat, Waseem Riffat, Bilal Bashir, and Mohammad Awais, the directors of Vicky Trading, find themselves embroiled in a prolonged legal tussle presided over by Special Judge Syed Irfan Haider.
The FBR’s investigation into the alleged Rs23 billion money laundering case tied to Bahria Town underscores the intricacies of financial scrutiny. As the legal saga unfolds, the public remains captivated by the twists and turns of this high-stakes probe.
