Mohsin Siddiqui (Chief Reporter)
The Federal Board of Revenue’s (FBR) Anti-Benami Zone in Islamabad has taken action by provisionally attaching a suspected benami property earmarked for the construction of a mall on Main Jinnah Avenue.
The Anti-Benami Zone in Islamabad has issued a provisional attachment order for the high-rise commercial tower on Main Jinnah Avenue, aiming to prevent any transfer of ownership or partial ownership.
Additionally, the Anti-Benami Zone has directed the Capital Development Authority (CDA) to refrain from facilitating the transfer of the property. This directive underscores the seriousness of the investigation and the need to preserve the property’s status quo.
Sources have confirmed that the Anti-Benami Zone will continue its investigation into the case, signaling a proactive approach to uncovering potential benami transactions and addressing them accordingly.
Amidst these developments, the Anti-Benami Adjudicating Authority has faced challenges, rendering it dysfunctional. This underscores the complexities involved in adjudicating benami cases and the need for a robust legal framework to address such matters effectively.
Formal show-cause notices have been issued to the suspected benamidars, beneficial owners, and relevant parties involved in the transaction. This step aims to provide all stakeholders with an opportunity to present their case and address any legal discrepancies.
The approval for provisional attachment comes under section 22(3) of the Benami Transactions (Prohibition) Act, 2017. This legal provision empowers authorities to take preventive measures to halt any potential transfer of benami properties pending further investigation.
As per sections 22(3) and 5 of the Benami Transactions Act, the transfer of the said property or any benefits derived from such transfer is prohibited until further orders. This measure aims to safeguard the integrity of the investigation and prevent any undue influence on the property in question.
To ensure compliance, the CDA has been directed to document the provisional attachment and refrain from facilitating any transfer of the property until further notice. This directive underscores the collaborative efforts between regulatory bodies to uphold the rule of law.
The Anti-Benami Zone has explicitly prohibited all parties from benefiting under any transfer of the property, emphasizing the importance of adherence to legal protocols and ethical standards.
