Federal Board of Revenue (FBR) has unearthed Rs500 million tax evasion scam in which some eight companies are involved that helped 600 taxpayers in claiming illegal tax adjustments, Profit learnt on Tuesday. FBR officials disclosed that on receipt of tip off, Lahore Directorate of Intelligence and Investigation, initiated probe related to a tax fraud on the basis of fake or flying invoices and identified eight fraudulent companies, including Sunny Traders, Elahi Traders, Faisal Enterprises, Shalimar Trade Links, Rehman Paper Mart, Shaheen Trade Linkers, Heaven Trade Lines and Azure Enterprises. Initial investigation reveals that these companies issued fake or flying invoices to over 600 other taxpayers to enable them to claim inadmissible or illegal input tax adjustment, causing a loss of nearly half-a-billion-rupees to national exchequer. Official summary made available to Profit indicates that M/S Sunny Traders has caused a loss of over Rs135 million, M/S Elahi Traders Rs71.105 million, M/S Faisal Enterprises Rs66 million, M/S Shalimar Trade Links Rs50.862 million, M/S Rehman Paper Mart Rs29.703 million, M/S Shaheen Trade Linkers Rs28.990 million, M/S Heaven Trade Lines Rs19.140 million and M/S Azure Enterprises 72.661 million. Lahore Directorate of Intelligence had also lodged FIRs against these fraudsters, on Monday, for investigation, prosecution and ancillary in these causes. To recover the tax amount from fraudsters, FBR sources disclosed that over 600 beneficiaries would be investigated to recover the government revenue. The board has also constituted special teams to expedite the investigation process.