FBR Detects Rs9.41 Billion Wealth Statement Fraud
ISLAMABAD:The Federal Board of Revenue (FBR) has detected a wealth statement fraud involving Rs9.41 billion, with taxpayers allegedly making unauthorized changes to old wealth statements to declare assets.
According to the FBR, criminal proceedings have been initiated against those involved under the Anti-Money Laundering Act 2010.
The tax authority said a detailed analysis of its data revealed that 85 taxpayers had made subsequent changes to their wealth statements for tax years 2014 to 2019.
The FBR said the individuals declared cash, gold, prize bonds, property and business investments in their old wealth statements between March 2025 and June 2026.
Under the law, a wealth statement cannot be revised after five years from the prescribed date for filing the original return. However, the FBR said all the cases identified involved revisions made after the expiry of the legally permissible period.
In one case from Lahore, a taxpayer allegedly declared fictitious funds worth Rs102.8 million in the wealth statement for tax year 2015 in May 2026. The amount was subsequently carried forward into wealth statements up to 2025 and was allegedly used to purchase seven properties in May and June 2026.
According to the FBR, the seven properties were valued at more than Rs64.4 million. During questioning, the taxpayer allegedly failed to explain the source of the fictitious funds.
The FBR said the taxpayer allegedly attempted to evade more than Rs46 million in taxes in this case.
The tax authority further stated that 48 criminal investigations have been initiated across the country, while action in the remaining cases is ongoing.
In the Lahore case, a criminal case has been registered under the Anti-Money Laundering Act 2010, while proceedings are also being taken against other alleged facilitators involved in the fraud.
