FAISALABAD: The Directorate of Intelligence and Investigation Inland Revenue has registered a case against Faisalabad Electric Supply Company (FESCO) CEO Muhammad Amir Pannu and his three sons. The case involves alleged tax evasion and money laundering exceeding Rs320 million.
According to the first information report (FIR), the alleged offences occurred during 2025 and 2026. Investigators claim that the unpaid taxes were converted into assets through gifts and property purchases.
The assets were allegedly transferred into the names of Pannu’s sons, Muhammad Hadi, Muhammad Saad, and Muhammad Ibrahim. Several other individuals have also been named in the case.
The allegations are currently under investigation. The registration of an FIR does not establish guilt.
FIR Raises Questions About Asset Declarations
The FIR alleges discrepancies in the declarations of cash and other assets. According to the report, amounts mentioned in earlier declarations were subsequently changed.
Pannu reportedly declared Rs3.5 million in cash in his 2014 tax declaration. The FIR alleges that this figure was later increased to Rs733 million.
His declared income for the same year stood at Rs1.139 million, according to the report. Investigators are examining the alleged changes and their connection to the assets under scrutiny.
The case also concerns gifts reportedly worth billions of rupees. These gifts were allegedly declared in the names of Pannu’s sons during 2025 and 2026.
Authorities are also investigating purchases of agricultural land and other properties. These assets are located in Faisalabad and Chiniot, according to the FIR.
Investigation Focuses on Alleged Money Laundering
The FIR alleges that the sources of the assets were concealed through changes to declarations and fund transfers. Investigators are examining whether these transactions involved proceeds linked to alleged tax evasion.
The case has been registered under the Prevention of Money Laundering Act, 2010. The investigation will examine the financial transactions and ownership records associated with the assets.
The Directorate of Intelligence and Investigation Inland Revenue is handling the case in Faisalabad. The allegations involve financial declarations, property acquisitions, and transfers of assets among family members.
The investigation may establish whether the transactions violated applicable tax and anti-money laundering laws. However, the allegations have not yet been proven in court.
FESCO CEO Rejects Allegations
Responding to the case, FESCO CEO Muhammad Amir Pannu said the matter concerned his inherited properties. He maintained that the value of these properties had been declared as taxable income.
Pannu also said he would contest the case registered by the Federal Board of Revenue (FBR). His response presents his position regarding the properties and the allegations.
FESCO, which supplies electricity across Faisalabad and surrounding areas, has not been accused of wrongdoing in its corporate capacity in the provided report.
The case now places the focus on the declared assets, financial transactions, and property records mentioned in the FIR. Further proceedings are expected to determine the facts surrounding the allegations.
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The investigation remains ongoing, and the claims against Pannu, his sons, and other named individuals require legal examination.
