The Anti-Benami Zones, established by Federal Board of Revenue (FBR) after completion of due process, have embarked on the second phase by confiscating Benami assets worth billions of rupees. According to sources, Anti-Benami Zone, Karachi by taking the lead initiated the process of confiscation of benami properties in three cases, that included Al-Miftah Holding Private Limited, Seracom Stock and Capital (Pvt) Limited, Parkview Stock and Capital (Pvt) Limited and Nadeem Ahmad Khan. The sources said beneficial owners in these cases are Omni Group of companies involving an amount of more than Rs 3 billion. Three properties involve shares whereas one asset is almost an acre of land in the prime location of Clifton area of Karachi. The confiscation proceedings have been started under sections 26 and 27 of the Benami Transactions (Prohibition) Act 2017. Giving further details of the assets being confiscated, the sources said that Al-Miftah Holding Private Limited case involves 22.6 million shares of Thatta Cement Company Limited, Seraacom Stock and Capital (Pvt) Limited case involves 30.0 million shares of Summit Bank Limited and the case of Parkview Stock and Capital (Pvt) Limited entails 54.216 million shares of Summit Bank Limited. In the case of Nadeem Ahmed Khan residential building measuring 3489 square yards has been confiscated. The sources said it is the first time in Pakistan that confiscation and subsequent auction proceedings of benami assets has been initiated. It merits mentioning here that the Anti-benami zones have so far detected benami assets worth Rs 7.4 billion in Karachi, Islamabad and Lahore. In addition, the Anti–Benami zones are currently in the process of investigating various other cases and have provisionally attached around 146 assets across Pakistan where the cumulative value of these assets goes beyond Rs 31.2 billion. According to the Benami Transactions (Prohibition) Act 2017, the Anti-Benami zones submit references in cases of suspected benami assets before the Banami Transactions Adjudicating Authority for confirmation / revocation of attachment of assets and then initiate confiscation proceedings. The adjudicating authority, as an independent authority, 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.