PIA top management involved in money laundering?

PIA top management involved in money laundering?

The Federal Board of Revenue (FBR) has communicated a written correspondence to the Director General of the Federal Investigation Agency (FIA), urging the initiation of an inquiry into potential money laundering activities involving the upper echelons of Pakistan International Airlines (PIA).

As per official documentation available through ProPakistani, the FBR's Karachi field office has dispatched a formal letter to the DG of FIA, focusing on the alleged mishandling of finances by the senior leadership within PIA.

Additionally, the communication highlights that Pakistan International Airlines (PIA) is a registered taxpayer falling under the jurisdiction of the Large Taxpayer Office in Karachi. It has been identified as a defaulter of Federal Excise Duty (FED), with an outstanding amount totaling Rs 8.8 billion.

The missive accuses the senior management of PIA of deliberately amassing the outstanding sum in Federal Excise Duty over a series of months. This, in turn, has raised suspicions of diverting state funds for personal gains, a claim substantiated by the consistent failure to meet payment obligations.

The communication goes on to assert that the senior leadership's actions tantamount to misappropriation of funds, an offense that can be adjudicated under various sections of the Pakistan Penal Code.

Moreover, the letter contends that the Chief Financial Officer (CFO) and the General Manager of Accounting at PIA are implicated in the financial misconduct. The mismanagement of funds, it asserts, has led to violations of the Foreign Exchange Regulation Act of 1947.

In view of these findings, the FBR has formally called for an inquiry into these alleged financial improprieties, underscoring the gravity of the situation and the potential legal consequences for those involved.