FESCO CEO, 3 Sons Booked for Alleged Rs. 320 Million Tax Fraud

Meanwhile, the Directorate of Intelligence and Investigation Inland Revenue in Faisalabad has registered a case against Faisalabad Electric Supply Firm (FESCO) CEO Muhammad Amir Pannu and his three sons over alleged tax evasion and capital laundering involving more than Rs.

Key points

• The report additionally alleges that gifts worth billions of rupees were declared in the names of his sons during 2025 and 2026.
• Responding to the case, FESCO CEO Amir Pannu remarked the matter concerned his inherited properties, whose value had been declared as taxable income.
• According to the FIR, the original sources of the assets were allegedly concealed through changes to asset declarations and the transfer of funds.
• Obtain the latest business news, market insights, and economic updates wherever you prefer.
• The FIR alleges that cash amounts documented in earlier asset declarations were subsequently altered.

According to the first information report (FIR), taxes allegedly evaded during 2025 and 2026 were converted into assets through gifts and property purchases in the names of the CEO's sons, Muhammad Hadi, Muhammad Saad, and Muhammad Ibrahim. Other related individuals have additionally been named in the case. FIR Alleges Changes to Asset Declarations.

In practice, the FIR alleges that cash amounts documented in earlier asset declarations were subsequently altered. In his 2014 tax declaration, Pannu reportedly declared Rs. 3.5 million in cash, a figure that was afterwards allegedly climbed to Rs. While his declared income for that year stood at Rs, 733 million. 1.139 million. Hubco Delays Data Center Project.

Notably, the report additionally alleges that gifts worth billions of rupees were declared in the names of his sons during 2025 and 2026. The purchase of agricultural land and other assets in Faisalabad and Chiniot is additionally part of the investigation.

According to the FIR, the original sources of the assets were allegedly concealed through changes to asset declarations and the transfer of funds. The case has been registered under the Prevention of Funds Laundering Act, 2010.

Responding to the case, FESCO CEO Amir Pannu remarked the matter concerned his inherited properties, whose value had been declared as taxable income. He remarked he would contest the case registered by the Federal Board of Revenue (FBR). Stay Connected with ProPakistani.

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In short, FESCO CEO, 3 Sons Booked for Alleged Rs. 320 Million Tax Fraud is the central thread here, and readers can expect follow-up reporting as the picture becomes clearer.