KARACHI – Pakistan :

Last month, on May 15-2015, the Pakistan Federal Board of Revenue (FBR) allegedly discovered links of Indian elements facilitating money laundering from Pakistan to Dubai for investment in properties.
The Directorate of Intelligence and Investigation, Inland Revenue embarked on a Dubai based NSHAMA Properties operated by Indian national Raghuraj Balakrishna, which was exhibiting their offers at Pearl Continental Hotel Karachi.
Raghuraj Balakrishna is Chief Financial Officer at Nshama, Dubai’s recently launched private developer of integrated lifestyle communities. Responsible for managing the financial planning of its projects, Balakrishna reports the financial performance of the business to Nshama’s CEO. With a wealth of experience, Balakrishna has developed a successful career working in financial positions in the property, textiles, telecommunications and IT industries in the UAE and India. Balakrishna was earlier the Chief Financial Officer at Emaar, where he handled the finance, tax and accounting department, and was responsible for capital raising and structuring, as well as joint venture negotiations. Prior to joining Nshama, Balakrishna was Group Chief Financial Officer and Executive Committee (Excom) Member at Bombay Dyeing and Manufacturing Company Ltd. In this leadership role, he was responsible for formulating business strategies, as well as overseeing the company’s finance, legal and IT departments. A chartered accountant, Balakrishna has also held senior financial positions with Ernst and Young, Reliance Communications, and Maple IT.
The I&I team headed by Deputy Director Asif Abro questioned company representative William about the details of investment made by Pakistanis but refused to do so. On unsatisfactory response had taken companies laptop and other gadgets into its custody for screening the details.
It is reported that the I&I IR had information about the money laundering activities done through the company and taking out black money of Pakistanis to Dubai. The report said that the activities of Laptop IP was monitored and web browsing history unveiled some potential investors from Pakistan with desire to sent their undeclared money to Dubai.
A report appeared last year that Pakistanis had invested $4 billion in Dubai Properties. Chairman FBR Tariq Bajwa has given special task to Director General I&I Haroon Tareen to identify black money in Pakistan and investment abroad. For the latest investigation Shamsul Hadi, Director at Karachi Directorate constituted a team headed by Asif Abro.
The directorate told that the company was sending representative to residence of potential buyers in Pakistan motivating / offering to send out the black money to Dubai without using legal banking channels.

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