FIA books ex-FBR chief Shabbar Zaidi over alleged tax refunds
“FIA opened a graft case against ex-FBR chief Shabbar Zaidi over alleged unauthorised refunds worth about Rs16bn.”
Key points
- FIA opened a graft case against ex-FBR chief Shabbar Zaidi over alleged unauthorised refunds worth about Rs16bn.
- The FIR lists major corporate recipients and cites a large 2019 issuance during his tenure.
- An FIA officer has been tasked to probe.
Pakistan’s Federal Investigation Agency (FIA) has filed a corruption case against former Federal Board of Revenue chairman Syed Shabbar Zaidi, alleging billions of rupees in unauthorised income-tax refunds. The FIR, lodged with the FIA Anti-Corruption Circle in Karachi on October 29, invokes Section 5(2) of the Prevention of Corruption Act, 1947 read with Section 109 of the Pakistan Penal Code.
According to the document cited in the report, refunds totalling roughly Rs16 billion were issued to various entities, including Habib Bank Limited (around Rs10bn), Engro Corporation (Rs2bn), Standard Chartered Bank (Rs1.5bn), MCB (Rs1.5bn), DG Khan Cement (Rs0.5bn) and Maple Leaf Cement (Rs0.7bn). The FIA also points to a Rs8.9645bn issuance in September 2019 allegedly facilitated during Zaidi’s tenure, credited to a Central Depository Company account via income-tax bonds.
Zaidi, a chartered accountant and former senior partner at AF Ferguson & Co, served as FBR chairman from May 2019 to January 2020. An assistant director of the FIA has been assigned to investigate the allegations.
Corrections & clarifications
Spot an inaccuracy or need more detail? Email connect@newsnexus24.com. Significant updates are timestamped above.
