Key Takeaways
- Faisalabad Electric Supply Company CEO and his three sons booked for tax evasion and money laundering.
- Alleged Rs. 320 million tax fraud involves changes to asset declarations and property purchases.
- Case registered under Prevention of Money Laundering Act, 2010.
The Directorate of Intelligence and Investigation Inland Revenue in Faisalabad has registered a case against Faisalabad Electric Supply Company (FESCO) CEO Muhammad Amir Pannu and his three sons over alleged tax evasion and money laundering involving more than Rs. 320 million.
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.
The FIR alleges that cash amounts reported 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 later allegedly increased to Rs. 733 million, while his declared income for that year stood at Rs. 1.139 million.
The report also 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 also 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 Money Laundering Act, 2010.
Responding to the case, FESCO CEO Amir Pannu said the matter concerned his inherited properties, whose value had been declared as taxable income. He said he would contest the case registered by the Federal Board of Revenue (FBR).
