Written by Hamza Shahnawaz in Taxation Taxpayers allegedly revised old wealth statements to insert previously undeclared assets, prompting criminal proceedings The Federal Board of Revenue (FBR) has uncovered a fraud involving taxpayers who allegedly manipulated old wealth statements to incorporate previously unexplained assets worth Rs9.41 billion into their declared wealth. The tax authority said on Wednesday that a criminal case had been registered under the Anti-Money Laundering Act, 2010, while further cases were being processed against those allegedly involved. FBR Identifies 85 Taxpayers The fraud was detected by the Directorate General of Intelligence and Investigation (Inland Revenue) through detailed analysis of the FBR database, conducted with support from Pakistan Revenue Automation Limited (PRAL). The analysis identified 85 taxpayers who, between March 2025 and June 2026, revised wealth statements covering tax years 2014 to 2019. According to the FBR, the revised statements included cash, physical gold, prize bonds, properties and business capital that had not previously been declared. The tax authority said such revisions were not permitted under the law. Under the explanation to Section 116(3) of the Income Tax Ordinance, 2001, a wealth statement cannot be revised after five years from the due date of the original return. The FBR said all revisions identified in the analysis were made after the statutory time limit had expired. Lahore Case Involves Rs102.8m…