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Buyer could not afford to buy jewel watch for Rs50m from Imran Khan: data



  • Net income of buyer’s shop is Rs12 million for year 2018 to 2022.
  • Tax returns show shop kept highest stock of Rs1.8m in 5 years.
  • Buyer sold watch shop at start of this year and fled to Dubai: sources.

ISLAMABAD: The wealth statement and tax returns of Muhammad Shafiq and his watch shop Art of Time show no indication that he could afford to buy the famous jewel watch set from ex-prime minister Imran Khan for Rs50 million, reveals official data available with The News.

The net income of the shop ‘Art of Time’, according to the tax returns filed by Shafiq for the year 2018 to 2022, is approximately Rs12 million, reflecting the income tax returns of Shafiq’s watch shop business. 

Interestingly, the wealth statement of Shafiq during these five years shows his total assets to have grown from Rs2.8 million in 2018 to Rs10.6 million in 2022. Further, details of Shafiq’s bank account show that from 2019 till now, he had the highest balance of up to Rs4.5 million in his bank accounts and had withdrawn a maximum of Rs1 million during this period.

The income tax returns of the watch shop ‘Art of Time’ further reveal that the shop had kept the highest stock of Rs1.8 million in these five years. Whereas net purchases by Art of Time from 2018 to 2020 stood at around Rs20 million. This means that the total stock of watches purchased by the Art of Time in all these years was worth Rs20 million only.

It is pertinent to mention here that Imran Khan had deposited sale receipts of the watch for Rs50 million to this same shop and to this same man, Shafiq. The former premier along with his party members are repeatedly claiming that the famous jewel class gifted watch by Saudi Crown Prince Mohammad bin Salman was sold to this man — Shafiq — for Rs50 million in January 2019.

A well-placed government official on condition of anonymity approved the authenticity of these documents related to Shafiq and revealed that an inquiry was also being done on the matter by the authorities.

Explaining further, the source said that the authorities are perplexed how can a man sell a watch worth Rs100 million for just Rs50 million. This Rs100 million value of this watch was too assessed by Imran Khan’s own government. 

“We are also intrigued that why would someone leave a private receipt in official records?” said the official. It is important to mention here that these receipts were not found in the Toshakhana record but from Prime Minister’s House, in the office of the military secretary to the prime minister.

When questioned about Shafiq, the source replied that the authorities are investigating his whereabouts and the National Accountability Bureau (NAB) is also looking for him in the Toshakhana case. According to sources, Shafiq has now sold this watch shop at the start of this current year and has fled to Dubai.

Fawad Chaudhary and Shahbaz Gill were approached for their comments but neither responded. The question sent to them was, “The wealth statement and tax returns of Muhammad Shafiq and his shop ‘Art of Time’ show no proof of his affordability to buy a watch for 50 million rupees. His acc details along with his business tax returns and wealth statement show that his total business capital was 2 million rupees. His total assets grew from 2m to 10m from 2018 to 2022. Q) How is it possible that such a man could buy such an expensive watch? Please comment. Your immediate response will be highly appreciated.”

Whereas, Umar Farooq Zahoor who possesses the same watch right now, when contacted by The News, insisted that he had bought the watch from Farah Khan in 2019 for Rs280 million. Umar said that Khan had sent a notice to him in which he also mentioned of selling the watch to Art of Time for Rs50 million. In his view, all claims by PTI and Khan regarding the gifted watch were lies.

Zahoor previously displayed this Special Edition Graff watch – one of its kind made by the finest craftsmen in the world – before the camera and claimed of buying it from Farah in Dubai back in 2019 in April for $2 million, which stood at around Rs280 million at that time.

On the other hand, the receipt of the sale of this same special edition watch to Art of Time was deposited by the former premier himself before the Cabinet Division. The receipt dated January 22, 2019, present with The News, specifically mentions of purchasing a set containing a Graff gents watch, a ring, pair of cufflinks and a pen from Khan.

On the same day on January 22, official documents of the State Bank of Pakistan show that Imran Khan deposited Rs20.1 million in the government treasury (20% of Rs100 million assessed value by Toshakhana). It is not clear whether the watch was sold before depositing Rs20.1 million in the government treasury or it was deposited after Khan sold the watch.

Whereas, Zahoor said on Geo News that he received a call from the then accountability minister Shahzad Akbar and was informed about the gifted watch and was asked if he was interested in buying it. He claimed that he bought this watch through Farah, who came to Dubai and took $2 million in cash (7.5-million-dirham approx.).

If Zahoor’s story is to be believed, Khan made a whooping profit of Rs250 million. Whereas if the ex-premier deposited sale receipts and his view is to be believed, he got a profit of Rs30 million.

The income tax returns of Shafiq’s business for the year 2018 show that the business’s total income stood at around Rs2 million during this whole year. The net purchases for the year by Art of Time stood at a little over Rs8 million. The cost of sales by the business for the year 2018 was around 8.1 million.

In 2019, the documents available with this correspondent show that this watch shop generated a total income of Rs3.38 million with an opening stock of Rs0.85 million and a closing stock of Rs0.93 million.

In 2020, the total income declared by Art of Time was approximately Rs1.7 million with an opening stock of Rs0.93 million and a closing stock of Rs1.8 million. In 2021 and 2022, the watch shop showed a total income of nearly Rs5 million during both these years.

In addition to this, Shafiq’s wealth statement shows that his total assets increased from Rs2.8 million to Rs10.6 million from 2018 to 2022. In 2020, Shafiq also disclosed a 19 tola gold set belonging to his wife but nowhere did he mention the so-called watch bought from Khan, the former prime minister.

Further, the details of Shafiq’s bank account show the highest balance of up to Rs4.5 million from 2019 to 2022. The transaction details also reflect that a maximum of Rs1 million have been withdrawn by Shafiq in these all years.

The jewel-class watch box gifted to Khan by Saudi Prince Mohammad bin Salman had over 2,000 diamonds weighing almost 41.54 carats in total and was valued at around Rs100 million by the Cabinet Division during Khan’s tenure. Now, the same set is valued at over Rs1.7 billion by TimeZone Watch Ltd, Dubai.


4 dead, 12 injured as sucide blast rips through Hangu mosque




  • Incident takes place within parameters of Police Station Doaba. 
  • Two suicide bombers were involved in attack, says Hangu DPO.
  • 12 people, rescued from rubble, shifted to nearby hospital. 

HANGU: A blast ripped through a mosque in Khyber Pakhtunkhwa’s Hangu, local officials confirmed Friday, leaving three dead — including a policeman — and 12 injured.

The incident took place within the parametres of Police Station Doaba during the Friday sermon — a time when scores of believers are gathered at a mosque for their weekly prayer. 

Hangu District Police Officer Nisar Ahmed said 30-40 people were under the rubble — as the mosque’s roof caved in — and an operation was underway to rescue them.

Ahmed said two suicide bombers were involved in the attack — one targeted the gate of the police station, and the other blew himself up inside the mosque.

The 12 people, rescued from the rubble, have been shifted to a nearby hospital, he said.

Caretaker Khyber Pakhtunkhwa Chief Minister Azam Khan, taking notice, directed officials to enforce an emergency in all hospitals of the city as he sought a report on the blast from law enforcers.

The police officials said that two militants tried entering the police station and started firing at the gate. They added that one of the terrorists was killed at the gate by the police in retaliatory fire.

Moreover, two policemen were also injured during the firing, officials of the law enforcement agency said, adding that the other militant blew himself up inside the mosque.

The timely action by the police resulted in fewer casualties following the blast, they added. 

This was the second terror attack to hit Pakistan in a single day as earlier today, a suicide blast in Balochistan’s Mastung district killed at least 35 people including a police officer while injuring over 45.

The explosion took place near the mosque where people were gathering to mark Eid Miladun Nabi — the birth anniversary of Prophet Muhammad (PBUH).

For the past year now, Pakistan has been gripped by a spate of terror attacks, with Balochistan and Khyber Pakhtunkhwa particularly being under the radar of militants targeting security forces and civilians to deteriorate peace.

Security forces, however, continue to conduct operations against terrorists to eliminate terrorism from the country in its resolve to strengthen the sacrifices of its soldiers.

Earlier this month, a report compiled by the Pakistan Institute for Conflict and Security Studies (PICSS) stated a sharp increase recorded in militant attacks across the country in the month of August with 99 terror incidents reported.

This, according to the report, was the highest number recorded in any single month since November 2014. These attacks have resulted in 112 deaths and 87 injuries, mostly targeting security forces personnel and civilians.

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One-month deadline for illegal foreign nationals to be announced soon




  • Major countrywide crackdown to be launched by LEAs.
  • Around 1.1 million Afghan refugees illegally reside in Pakistan.
  • Surge in street crime in capital linked with illegal Afghans.

ISLAMABAD: The government will soon announce a one-month deadline for all illegal foreign immigrants, including Afghans, to leave the country or face the music.

After the one-month deadline, a major countrywide crackdown will be launched by the law-enforcement agencies to identify and deport such illegal immigrants, the vast majority of whom are said to be Afghans.

Interior Minister Sarfraz Bugti will announce the policy in a few days time, an informed source said. 

The decision at the highest level has already been taken not to let Pakistan become a haven for illegal immigrants, many of whom are not only involved in criminal activities but are also part of the smuggling mafia, the source added.

It is said the authorities have already arrested many illegal Afghan immigrants who were doing illegal dollar trade at the cost of the country’s economy. A large number of such illegal foreign nationals are also doing different businesses in several major cities including the federal capital. The surge in street crime in Islamabad is also linked with the influx of illegal Afghans.

There are said to be around 1.1 million Afghan refugees residing in Pakistan illegally. 

It is said as many as 400,000 Afghans entered Pakistan illegally since the return of the Afghan Taliban to Afghanistan in August 2021. There are another 700,000 Afghans identified who have been living in the country illegally.

Media reports suggest that 1.1 million Afghan refugees neither possess any visa nor any valid documents, allowing them to stay in the country. Most of these illegal refugees were involved in anti-state and criminal activities.

Therefore, they would be sent back at the earliest, said a report, adding the Afghan Taliban government was also informed about Pakistan’s decision.

Islamabad has hosted millions of refugees for decades, and at one point five million Afghan refugees were residing in Pakistan. 

Some estimates suggest there are still close to four million Afghan refugees living in Pakistan. However, the count of individuals possessing valid refugee cards, as per official records, is considerably lower.

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HEC announces Commonwealth Scholarships for masters, PhD




In a positive development for students, the Higher Education Commission (HEC) has announced Commonwealth Scholarships for masters and PhD programmes for the year 2023. 

The Commonwealth Scholarship Commission in the UK (CSC) provides the UK government’s Commonwealth scholarship scheme led by international development objectives. 

The CSC has funded over 30,000 individuals to study in the UK and gain skills, acquire knowledge, and build networks to tackle global development challenges

Pakistan and Azad Jammu and Kashmir (AJK) students can apply for the scholarships till October 17 (Tuesday) on the CSC portal.

The HEC’s website said that 26 nominations are available for masters, 30 for PhD and 10 for teaching faculty PhD.

Applicants are advised to visit the links to apply for the masters, PhD and teaching faculty (PhD) scholarships. 

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