In a major action, the Offshore Tax Directorate of Federal Board of Revenue on Thursday froze all bank accounts of a former president of a commercial bank on account of non-payment of taxes amounting to Rs1 billion, reported 24NewsHD TV channel.

According to the FBR, the action was taken against former president of a commercial bank Farooq Bengali for not disclosing his assets. He was defaulter of Rs1 billion, the FBR said adding that the action was taken against him on hiding the offshore assets.

The FBR sources revealed that the board’s Offshore Directorate imposed tax on Mr Bengali’s hidden offshore assets. They said that the directorate froze ex-banker’s accounts after the court decision on its petition seeking freezing of his bank accounts. 

Sources further divulged that more action could be taken by the FBR in case of incomplete tax recovery and Mr Bengali’s immovable property could also be frozen. 

Prior to the action, permission was also sought from Chief Commissioner Larch Tax Office, sources said.

They said that foreign government assistance could also be sought for recovery of foreign assets.

Reporter Ashraf Khan