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NAB Investigates Sheikh Rashid and Partners for Alleged Sugar Embezzlement; Warehouses Sealed
NAB investigates Sheikh Rashid for alleged sugar embezzlement. Warehouses sealed as FBR tightens monitoring on sugar mills to curb tax theft.
ND
by News Desk
2024-06-12
NAB Investigates Sheikh Rashid and Partners for Alleged Sugar Embezzlement; Warehouses Sealed

The National Accountability Bureau (NAB) has launched an immediate investigation into allegations that Sheikh Rashid and his partners embezzled billions of rupees from sugar dealers and traders. The NAB Director-General (DG) in Lahore has assembled a team to expedite the inquiry against Rashid, Kashif, and Faisal.

 

According to the NAB spokesperson, Sheikh Rashid utilized four warehouses in Sadiqabad to store sugar stocks. These warehouses, along with associated shops, have been sealed following the DG NAB's orders to secure evidence and prevent further alleged embezzlement.

 

This investigation coincides with the Federal Board of Revenue's (FBR) efforts to tighten surveillance over sugar mills across Pakistan to curb tax evasion. The FBR has deployed special teams to monitor production, sales, clearance, and stock levels at sugar mills nationwide. According to the FBR spokesperson, sugar is a notified commodity under state monitoring, and each sugar sack must bear a tax stamp.

 

The FBR's statement emphasized that any violation of tax stamp regulations could result in the seizure of the entire stock and up to three years of imprisonment for the defaulters. The bureau reiterated its commitment to tackling any attempt at sales tax theft in the sugar industry with stringent measures and legal actions against the culprits.

 

The ongoing investigations highlight the government's resolve to address financial misconduct and ensure accountability within the sugar industry, which is crucial for maintaining economic stability and transparency.
Tagged:

NAB

FBR

SheikhRashid

TaxEvasion

SugarScandal
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