Massive money-laundering scandal: 9 'ghosts' laundered over Rs9b 

The Federal Board of Revenue (FBR) found a massive money laundering and tax evasion scandal in the iron and steel sector, 24 NewsHD TV channel reported.

Nine fake importers laundered more than Rs9 billion abroad, according to FBR authorities.

The authorities concerned issued audit notices to the nine importers, the officials said, adding that all notices were returned by the courier company as the address was fake.

The importers entered ghost addresses in registration and per the FBR database, the nine companies misused tax concessions as manufacturers.

Three of the nine importers have not even filed income tax returns. An investigation is on.