NAB arrests two for avoiding taxes

LAHORE: The National Accountability Bureau (NAB) in Punjab arrested on Saturday two directors of M/s Rafeh (Pvt) Ltd on the charges of corruption as defined under the National Accountability Ordinance 1998.

According to an official press release, the accused Raheel Rashid and Sajeel Rashid are the sons of Abdul Rashid, the former chief executive of a Dubai-based company, WRSM Trading Company.

The accused established M/s Rafeh (Pvt) Ltd on September 10, 1990 in Lahore, which remained a business partner of WRSM Trading Company. A clause was included in the Sanction Advice of the WRSM Trading Company that it could establish a letter of credit in favour of Rafeh (Pvt) Ltd up to UAE Dirhams 8,000,000 over a twelve-month period. The facility was utilised by Rafeh (Pvt) Ltd whereas the ownership and management of M/s Rafeh (Pvt) Limited was ultimately transferred to Raheel and Sajeel.

The Taxation Department held Rafeh (Pvt) Ltd as the assessee in default for not paying Rs 18,774,000 in taxes. Raheel Rashid holds the special power of attorney from his absconding father to sell a piece of land in Green Market (General Bus Stand) Circular Road outside Masti Gate. Abdul Rashid is maintaining an account with PICIC Commercial Bank Gulberg Lahore from where a large sum of money was withdrawn by him under the mandate given by Sajeel Rashid. The special power of attorney was recently given to Sajeel Rashid by his father to negotiate with various banks, especially Askari Bank. Both the brothers visited Dubai on different occasions and collected the records of WRSM, which they refused to produce before NAB. —Staff Report

Home | National