Islamabad :Benami Transactions Adjudicating Authority has confirmed 27 references involving amount of Rs. 7.4 billion filed against Benami Transactions by the three Anti-Benami Zones at Islamabad, Karachi, and Lahore which include movable as well as immovable benami properties.

These include 5 cases of Benami shares in which Benami transaction of Rs. 159.644 million was identified, 6 references of Benami immovable properties worth Rs. 5,849.4 million, one case of Benami bank accounts worth Rs. 1040.0 million, and 16 cases of Benami vehicles worth Rs. 351.55 million.
As per law, the Ant-Benami Zones submit references in cases of suspected Benami assets before the Benami Transactions Adjudicating Authority for confirmation/ revocation of attachment of assets and then initiate confiscation proceedings.
The Adjudicating Authority, an independent authority established under the law, after due deliberation provides opportunity of being heard to the alleged benamidars and beneficial owners and the referring department as well. The Adjudicating Authority after completing all legal and administrative requirements/ formalities either confirms or revokes the attachment orders issued by the Initiating Officers. The 27 references were submitted by the Benami Zones at Islamabad, Karachi, and Lahore before the Adjudicating Authority which were confirmed involving Benami assets worth of Rs. 7.4 billion shall be confiscated after confirmation of orders from the Federal Appellate Tribunal as per law by the Federal Government.