FBR launches probe against bank president for concealing assets

ISLAMABAD: On the orders of DG Inland Revenue Intelligence and Investigation of Federal Board of Revenue (FBR) the IR has launched an inquiry against President United Bank Limited (UBL) Wajahat Hussain for hiding billions of rupees flat in Dubai in his annual income tax return and wealth statement.

This act of the UBL president is a violation of Income Tax Ordinance 2001 and a crime under Income Tax Amendment Act 2016 of concealment of assets and is liable to be punished. His act is also deliberate concealment of assets. The intelligence and investigation team of Inland Revenue has issued notice to Wajahat Hussain for not providing information in this regard.

The UBL president, in his reply to the notice, has confessed that he owned a flat in Dubai but bought it from Dubai’s earning. According to the director general Inland Revenue Intelligence and Investigation action would also be taken against Wajahat for violating the State Bank laws/prudential regulations.  It is mentioned in the oath of the post of president of bank that he will not conceal any moveable or immoveable property which belongs to him.