LPG company CEO to be indicted over money laundering, tax evasion
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A special court (customs, taxation and anti-smuggling) – commonly known as customs court – in Karachi on Saturday fixed January 22 for indictment in a money laundering and tax evasion case involving an LGP company, reported 24NewsHD TV channel.
Three of the company directors – Saifi Zakiuddin, DT Sethna and Hamdia Fatin Niazi – are the accused in the case while some others became witnesses.
With the special court hearing the case, the Directorate of Intelligence and Investigation In-land Revenue presented a report.
Earlier, the court had frozen nine bank accounts of Niazi, who is also one of the company directors, and other nominated persons for 90 days. However, the investigation officer has filed a plea for freezing the same on a permanent basis.
According to the investigation officer, Niazi and others are involved in organised financial crimes and embezzled the company’s accounts by transferring a huge amount to their personal ones.
Moreover, he says, there are concrete evidence of financial crimes, including money laundering against the accused.
However, the accused have managed to obtain bail after non-bailable warrants were issued for them.