The Anti-Benami Zone of the Federal Board of Revenue (FBR) caught 12 luxury vehicles in Karachi worth millions of rupees under the name of a gatekeeper and a labourer.
Reportedly, a Land Rover and a BMW are registered under the name of Zahid Iqbal from Faisalabad. Moreover, around ten vehicles are registered under the name of a gatekeeper.
The officials of the Anti-Benami Zone revealed that the name of a car dealer had also been used for the Benami vehicles, and the purchase of the vehicles had been conducted under the Benami Transaction Act.
Zahid Iqbal was clueless about ownership of the cars when he was asked by the authorities to provide necessary documents to the revenue board.
Meanwhile, the Anti-Benami Zone has initiated an investigation of the matter, and notices have been issued to the suspected labourer, gatekeeper, and car dealer.
What is benami transaction?
1) When a property is transferred to, or is held by, a person but it has been paid for by another person – a trustee and wife, child, brother or sister
2) A transaction or arrangement of a property made in a fictitious name, or a transaction or arrangement of a property where the owner is not aware of, or denies knowledge of, such ownership
3) A transaction or arrangement of a property where the person providing the consideration is not traceable or is fictitious.
Types of benami properties
Such properties can be plots, houses, shopping plazas, shops, housing schemes, bank accounts, vehicles, business shares, jewellery, foreign currency, legal documents and intangible properties, having financial value.
