Pakistanis own 2,750 properties in UAE worth billions of rupees. Pakistani investigators with the cooperation of Dubai authorities have traced 2,750 overseas properties in the United Arab Emirates (UAE).
These overseas properties were acquired by Pakistanis worth around Rs4,240 billion. Based on three intelligence reports, the Federal Investigation Agency (FIA), State Bank of Pakistan (SBP) and Federal Board of Revenue (FBR) have started crackdown against around 5,000 super rich Pakistanis who allegedly violated the national laws to acquire these properties in the UAE.
“Lately, the FIA’s cyber-crime wing through its cyber-intelligence has deciphered Pakistani owners identities of 1,467 properties in Dubai, UAE and the findings are being transmitted to zones/field offices for initiating inquiries,” revealed a confidential report jointly prepared by the SBP and FIA.
“The FIA’s anti-corruption wing has instituted further criminal inquiries last week (Foreign Assets Declaration Regulations 1972) against 621 UAE properties discovered through a second source report,” the confidential report further stated.
Investigators in their confidential report revealed: “FIA has till date, taken cognisance of 2,750 undisclosed properties (apartments etc.) of Pakistani nationals held in the UAE on various names and inquiries are underway — if each property is valued at a conservative estimate of Rs40 million each (average), the value of UAE assets under inquiry with FIA comes to Rs110 billion, which is only 2.5 percent of Rs4,240 billion — the value of officially known assets of Pakistanis in UAE.”
A deep dive into the records of a real estate regulatory agency of Dubai Land Department will be required to fathom the true magnitude of assets held in the UAE, investigators further stated.
Officials of the FBR, FIA, and SBP, in their findings, further said that Ahmer Bilal Sufi (as amicus curiae) has drafted Mutual Legal Assistance (MLA) Rules which, once approved by Supreme Court and the government, will enable the FIA to initiate MLA requests to key foreign jurisdictions (top money-laundering destinations) and help Pakistan in foreign assets recovery (track, freeze and repatriate) of foreign assets and accounts, especially those linked to corruption, kick-backs and money laundering etc.
The report continued to reveal that an estimated, over $150 billion is stashed in foreign properties belonging to Pakistanis, as per private sector estimates (according to Shabbar Zaidi of AF Ferguson). Dubai properties investment volume (2015/16 Dubai official) remained AED135 billion (Rs4240 billion) and $34 billion, stated the report revealing that annual investment growth witnessed AED7 billion + (Rs220 billion). The report further indicated the UAE as top tax havens while Pakistanis parked around $100 billion in UK, US and Europe. The report also stated that Switzerland has $200 billion of Pakistanis as per statement of Michelin Calmly-Rey/Swiss Foreign Minister in 2014. By the close of Amnesty.
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16 June, 2019