Pakistan’s Supreme Court had disqualified Nawaz Sharif last year, forcing the three-time prime minister to resign. He has also been disqualified from holding public office for life.
While the last release from the Finance Ministry in November 2017 had put the figure of undisclosed credits arising out of the Panama Papers investigations at Rs 792 crore, an RTI reply to Saurav Das, a journalism student, has shown that it now stands at approximately Rs 1,088 crore.
The data breach from the Mossack-Fonseca firm was published by an international consortium of journalists and shook the ranks of the rich and powerful.
This comes a day after the National Accountability Bureau (NAB) filed a supplementary case against the three-time prime minister and his family over properties in London.
According to Central Board of Direct Taxes, investigations have till now detected over Rs 790 crore in undisclosed income.
Ishaq Dar, was indicted in October in a graft case in which he is accused of making assets that were “disproportionate to his known sources of income”
In September this year, IT officials said they would concentrate on 70 “actionable” cases as part of the off-shore probe and today’s action appears to be the result of that shortlist.
The cases are based on July 28 verdict by the Supreme Court which disqualified Sharif as the prime minister and ordered to launch three corruption cases against him and his family, and one case against finance minister Ishaq Dar.
Dar is accused of amassing assets of an approximate value of Rs 831.7 million — disproportionate to his known sources of income.
Dar sent a three-page letter to the Prime Minister’s Office on Monday seeking leave of absence. In it, he narrated his health condition, saying that his surgeon had asked him to avoid international air travel.
Pakistan Peoples Party had introduced the bill to remove section 203 from the recently passed Election Act 2017, which allows a person disqualified by the court to become the head of a political party.
Under the new anti-black money law cases of overseas illegal assets, which till recently were probed under the regular and civil Income Tax Act of 1961, attract a steep 120 per cent tax and penalty on undisclosed foreign assets and income besides carrying a jail term of up to 10 years.
Following the judgement, Sharif told media that Wednesday’s verdict would be written in “black words” in Pakistan’s history.
Three corruption cases were registered by the National Accountability Bureau (NAB) against Sharif, his children and son-in-law in the court on September 8.
Monday’s CBDT statement also assumes significance against the backdrop of the new series of reports in The Indian Express, titled Paradise Papers, based on data leaked from two firms Bermuda’s Appleby and Singapore’s Asiaciti with 19 tax havens across the world.