Summit Bank comes under radar of FTO for indulging in real estate practices

Federal Tax Ombudsman (FTO) Thursday directed the Federal Board of Revenue (FBR) to probe the affairs of Summit Bank for indulging in booking of flats, offices/penthouses in violation of the Banking Companies Ordinance 1962.

The FTO order disclosed that the Summit Bank having a registered office at Plot No. 9-C, F-6 Markaz, Supermarket Islamabad, is engaged in real estate activities including the sale of flats, offices, and penthouses in violation of section 9 of The Banking Companies Ordinance 1962.

Benami Zone Karachi has already dealt with a host of similar cases, involving Summit Bank and directors of the complainant company therefore the instant case needs review with special reference to Benami Transactions (Prohibition) Act, 2017.

Source: https://propakistani.pk/