Shabbar Zaidi | Pakistan

The Federal Investigation Agency has withdrawn a corruption case filed against former Federal Board of Revenue (FBR) chairman Shabbar Zaidi, it emerged on Friday. On Thursday, the FIA booked him over allegations of issuing unauthorised income tax refunds amounting to Rs16 billion during his tenure as FBR chairman. Sources said the FIA’s Anti-Corruption Circle had accused Zaidi of criminal misconduct, abuse of authority, and unauthorised disbursement of public funds. According to the FIA, three private banks, two cement factories, and one chemical company were the beneficiaries of these refunds. The agency alleged that these entities were clients of Zaidi’s private audit and consultancy firm prior to his appointment as FBR chairman, raising concerns of conflict of interest. However, a notification issued by the agency’s Karachi division on Thursday said: “The Director, FIA Karachi Zone, has been pleased to accord permission for cancellation of case FIR No. 32/2025 dated 29.10.2025 … as well as classification o...

KARACHI: The FIA has booked prominent chartered accountant Shabbar Zaidi over allegations of issuing unauthorised income tax refunds amounting to Rs16 billion during his tenure as chairman of the Federal Board of Revenue (FBR) in the PTI government, it emerged on Thursday. Sources said the FIA’s Anti-Corruption Circle had accused Mr Zaidi of criminal misconduct, abuse of authority, and unauthorised disbursement of public funds. According to the FIA, three private banks, two cement factories, and one chemical company were the beneficiaries of these refunds. The agency alleged that these entities were clients of Mr Zaidi’s private audit and consultancy firm prior to his appointment as FBR chairman, raising concerns of conflict of interest. Published in Dawn, October 31st, 2025

KARACHI: Pakistan cannot regulate cryptocurrencies within its current financial system, as the State Bank tightly manages foreign exchange, but virtual assets may still serve as an alternative to hawala, said former Federal Board of Revenue (FBR) chairman and economist Shabbar Zaidi. Speaking at a session on Adopting Digital Currency and Cryptocurrency in Pakistan: Possibilities and Concerns, organised by the Pakistan Institute of International Affairs (PIIA) on Saturday, Mr Zaidi outlined the risks and opportunities surrounding digital currencies. He said a law enabling cryptocurrency regulation has been passed and is under discussion in parliament. However, he stressed that digital or virtual currencies, by design, are difficult to regulate. “Cryptocurrencies flourish because they leave no trail. A currency born unregulated cannot be regulated,” he argued. While the US market has seen widespread adoption, he noted, the difference lies in the freer foreign exchange regime. In Pakistan, commercial banks canno...