The National Board of Revenue's (NBR) Central Intelligence Cell (CIC) has ordered the freezing of all bank and non-bank financial accounts belonging to Asiatic Marketing Communications Limited, one of the country’s most prominent advertising agencies.
The CIC has issued formal directives to the top executives of all banks and financial institutions, instructing them to comply with the account freeze.
A senior CIC official confirmed the move, stating, "We have directed banks and financial institutions to freeze the accounts of Asiatic Marketing Communications Limited as part of an ongoing investigation into tax evasion."
CIC officials revealed that they are investigating whether Asiatic Marketing Communications Limited has any undeclared income or assets beyond what is recorded in its income tax filings. The inquiry will scrutinize discrepancies in reported income, expenditures, and assets.
Sources said that the CIC has begun collecting transaction records of individuals associated with Asiatic Marketing Communications Limited. Financial data related to several individuals and entities linked to the agency is already under scrutiny. The CIC is also in the process of freezing bank accounts linked to these individuals.
"We are gathering transaction information on several individuals involved in managing Asiatic’s assets. So far, we have identified a few individuals, and the process to freeze their accounts is underway," said a senior CIC official.
The official declined to disclose the names of any individuals involved, as formal requests for freezing their accounts have not yet been sent to the banks.
