Benami properties: SECP empowered to conduct raids, seize records
ISLAMABAD (92 News) – The federal government has authorized the Securities and Exchange Commission of Pakistan (SECP) to conduct raids onto the premises of people having benami (unnamed) properties.
The SECP officials will also be able to seize the necessary records during raids, says a notification issued by the government today.
Officials will also have authority to enter into any building or office and confiscate documents, laptops, cell phones and other material.
This is first time in the history of Pakistan that any government has allowed relevant authorities to begin extensive crackdown against the owners of bnami properties in the country.
The latest development came as the federal cabinet has approved the SECP Seize and Search Rules 2019.
Earlier, Prime Minister Imran Khan said that the government had given ample opportunity to declare their assets in the Assets Declaration Scheme – now it would take action without any bias.
The Federal Board of Revenue (FBR) has already kicked off large-scale operation against benami property holders, confiscating 6,000 kanals land of PML-N leader Ch Tanveer in Rawalpindi and eight properties of PPP co-chairman Asif Ali Zardari.