NBR intel uncovers Tk60cr tax evasion, Dubai investment by top Sylhet stone importer

The Central Intelligence Cell (CIC) of the National Board of Revenue claims to have found evidence of income tax evasion amounting to around Tk60 crore by Fakhor Uddin Ali Ahmed, owner of Sylhet's leading stone and coal importer M/S Fakhor Uddin Ali Ahmed & Brothers, and his family members.

In addition, the intelligence has uncovered information about a large investment by the individuals in question in a 32-storey luxury building in Dubai, believed to be financed through money laundering.

A recent CIC intelligence team visit to Dubai confirmed this, and they are now investigating the extent of the company's involvement in money laundering, according to officials at the revenue board.

Meanwhile, the bank accounts of the company, its owner Fakhor Uddin Ali Ahmed, his son Fakhorus Salehin Nahian, and other family members have been frozen in connection with the allegations.

The individuals in question, however, have denied the allegations. Nahian told The Business Standard, "We have not evaded any taxes and have not laundered any money to invest abroad."

The allegations also reveal that the individuals in question own five business establishments in Sylhet, including hotels, restaurants, and communication businesses.

A copy of the CIC's complaint report has been seen by TBS.

Mentioning the names of Fakhor Uddin, his son, brother, and their family members, it reads, "These taxpayers have been importing stones and coal in their own names and declaring them in the tax files of their partnership firms since the tax year 2017-18.

"Through this, they have evaded income tax of around Tk51 crore in surcharges and penalties."

They also evaded taxes of over Tk8.26 crore by purchasing land in Dhaka's Bashundhara Residential Area, collecting rent from the Sports Complex, concealing investments in luxury flats and cars in Gulshan, and hiding commercial space investments in Gulshan under their company's name.

Information has also been found that Fakhor Uddin and Nahian have invested in Sapphire 32, a 33-storey luxury building under construction at Jumeirah Village Circle, Dubai, featuring 224 apartments.

However, there is no record of this investment in their tax files. Individual taxpayers are required to pay a surcharge on income above a certain threshold.

Nahian said, "The income on which the surcharge has been calculated is that of our partnership firm, not of an individual. Therefore, there cannot be a surcharge on it. We have tried to explain this to the officials."

He also denied allegations of tax evasion by concealing facts about investments in different areas of the capital, saying, "We have not evaded any taxes."

Denying the Dubai investment allegations, he said, "The project belongs to a friend of ours in Egypt. We have an agreement to receive a 13% commission for selling apartments, but we haven't earned anything from it yet."

A CIC official, speaking anonymously, told TBS, "Fakhor Uddin Ali Ahmed and Fakhorus Salehin Nahian are listed as investors in that project."

Investigations also revealed that the deviation in customs assessment values for stone imports provides a potential avenue for money laundering.

Additionally, the company is accused of using its influence during the previous government's tenure to dominate Sylhet's entire stone and coal business.