Islamabad: The Federal Board of Revenue (FBR) has begun an operation against Benami property holders – a news source reported.
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The board has provisionally attached 14 ‘benami properties’ worth billions of rupees that it suspects are owned by a number of influential people.
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The orders for attachment were passed by the Benami Transaction (Prohibition) Zone-I Islamabad and Benami Zone-III Karachi. The properties have been attached for a period of three months and during this time, all the parties will have time to explain their positions before an adjudicating authority.
In case it is proven that these are, indeed, benami properties, the government will have the right to confiscate these properties and the culprits can face up to seven years of rigorous imprisonment, apart from a fine equalling 25% of the fair market value of the property.
Read: FBR requests funds to take action against benami properties
Six properties have been targeted by the Islamabad Zone, while the Karachi Zone has eight of these properties in sight.