An audit report has revealed that officials of the Punjab Board of Revenue caused a loss of more than Rs2.82 billion to the national exchequer by failing to enforce mandatory banking procedures for property transactions.
According to the report, around 4,700 properties were purchased through non-banking channels without any fines or penalties being imposed by the department. Under the law, the purchase and sale of properties valued above Rs5 million must be conducted through verified banking channels to ensure transparency and prevent tax evasion.
The audit further disclosed that this negligence benefited private individuals, allowing them to bypass official financial systems and avoid scrutiny. The use of non-banking transactions in high-value property deals has raised concerns about corruption, weak oversight, and potential money laundering.
Authorities are expected to initiate further investigations into the matter to determine responsibility and recover the financial losses.
