The Federal Board of Revenue (FBR) has prepared a list of more than 70 real estate agents allegedly involved in remitting dollars to the United Arab Emirates (UAE) through hundi/hawala for investment in property markets, causing pressure on the exchange rate in recent days.
Top official sources confirmed in background discussions that a substantial amount of cash was transferred into foreign currency, especially US dollars from the open market and sent out to UAE through hundi/hawala for making investments in real estate.
The amount runs into millions of dollars as the exchange rate witnessed slight pressures in the recent couple of weeks.
“The FBR has raised an alarm bell and prepared a list of real estate agents who are involved in such practices,” top official sources told The News on Tuesday.
“It is the tip of a mega scandal but requires further investigations from the FIA and other relevant authorities,” they revealed.
The relevant authorities prepared a list of over 70 real estate agents who secured cash from their clients and converted it into foreign exchange from the open market.
Then, they remitted the foreign exchange to UAE markets for making investments in the real estate sectors, said the sources.
