Rs50m jewel watch from Imran Khan 'not affordable' for buyer, reveals data
Last updated on: 07 December,2022 04:07 pm
Rs50m jewel watch from Imran Khan 'not affordable' for buyer, reveals data
LAHORE (Web Desk) – The famous jewel class watch worth Rs100 million, gifted by Saudi Crown Prince Mohammad bin Salman, one of the valuables sold by the former Prime Minister Imran Khan in the Toshakhana case, had been found to be ‘out of budget’ for owner Muhammad Shafiq of the watch shop ‘Art of time’, says official data.
The latest data regarding the purchase of the famous jewel watch sheds light on another perplexing side of the transaction. A detailed analysis of the wealth statements and tax returns of Mr Shafiq, the buyer, don’t match up to afford the artifact.
It was revealed that the net income of Mr Shafiq’s shop according to the tax returns filed by him for the year 2018 to 2022 was approximately Rs12 million.
Furthermore, details of Mr Shafiq’s bank account showed that from 2019 till present, he had the highest balance of up to Rs4.5 million and had withdrawn a maximum of Rs1 million during this period. The shop had kept the highest stock of Rs1.8 million in five years, as per the income tax returns of the shop.
In addition, the total stock of watches purchased by the Art of Time in all these years was worth Rs20 million.
On the other hand, the sale receipts of the article deposited by Imran Khan posed the watch had been sold to Mr Shafiq’s shop for Rs50 million in January 2019.
A government official, who spoke on the condition of anonymity, had approved the authenticity of all documents related to Mr Shafiq. He also hinted towards an inquiry being conducted by the authorities on the matter.
Sources said Muhammad Shafiq had sold his watch shop at the start of this year and fled to Dubai, while the National Accountability Bureau (NAB) and authorities had been looking for him in the Toshakhana case.
Another puzzling point was that how could one sell a watch worth Rs100 million for just Rs50 million, adding that the original value of the artifact of Rs100 million was also confirmed by the PTI government itself.
The officials were astonished by the fact that the receipts were found from Prime Minister’s House, in the office of the military secretary to the prime minister and not in the Toshakhana record. “We are also intrigued that why would someone leave a private receipt in official records?” said an official.
On being questioned about the aforementioned, PTI leaders Fawad Chaudhary and Shahbaz Gill chose to stay mute. While, a Dubai-based businessman Umar Farooq Zahoor had revealed that he had bought the same watch from Farah Khan in 2019 for Rs280 million and still holds the possession of the artifact.