As per sources on Wednesday, the Federal Board of Revenue (FBR) has uncovered a ‘mega scam’ involving a foreign corporation moving about Rs. 60 billion to more than 70,000 Pakistani citizens without the knowledge of the tax authority.
Payoneer, a company based in the United States with no physical presence in Pakistan, sent the amount.
According to the FBR, remittances were sent on the sale of various products and freelancer consulting services using 27 different local banks.
Payments were made by international clients into Payoneer accounts of individual Pakistanis in the United States, according to a statement released by the Islamabad Income Tax Commissionerate. The recipients of the funds then borrowed the same sum from a Payoneer Inc. account held by Mobilink Micro Finance Bank Limited (MMBL) through a Jazz Wallet, or from Pakistani accounts held by local banks within Pakistan.
