Islamabad: The Islamabad Capital Territory (ICT) administration has requested public help with the identification of benami properties, a news source reported. The federal government had declared benami properties and transactions to be illegal the under Benami Transaction Act 2017, which prohibits:
Transfer of property undertaken under fictitious names
Property that the owner knows nothing about – or refuses ownership
A transaction where the real beneficiaries cannot be identified
A property for which the owner is neither a beneficiary, nor the one who paid the amount for it
It further qualifies that a property cannot be considered a benami if it is owned by close relatives. The publication also warns people against giving false information to authorities since those providing false information can face imprisonment of up to five years.
