Over 7,000 Pakistanis illegally purchased properties worth RS1.1 trillion in Dubai

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For the first time, it has been disclosed that Pakistanis have bought properties worth an estimated Rs1.1 trillion in the heart of Dubai in the past one-and-a half-decade. Interestingly, the majority of them did not mention these properties in their annual returns and were said to be moving their assets out of the country to avoid being caught in the event of a serious crackdown on this unaccounted for money.

This list of the who’s who includes politicians, some of whom are members of the Parliament, retired generals, former judges, real estate tycoons, businesspersons, bureaucrats, lawyers, actors, singers, and a few media personalities.

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An overwhelming majority never disclosed their foreign offshore wealth, thus violating declaration laws governing foreign assets. The authorities admit that a now-dormant investigation by FIA was able to trace only 100 investors in the past two-and-a-half years. The regulators — FBR, FIA, SECP and SBP — failed to question the legitimacy of the transfer of funds to buy those properties and no action has been taken yet.

Source Credit: Geo News


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