A shocking case of money laundering has been uncovered by the Federal Board of Revenue (FBR) under the guise of solar panel imports, with an extensive over-invoicing amounting to Rs69.5 billion between 2017 and 2022.
The FBR’s detailed report on the matter reveals the involvement of two major companies that allegedly funnelled a staggering Rs72.83 billion out of Pakistan.
According to the report, the companies in question imported solar panels from China, with the official invoices showing significantly inflated amounts. The money from these transactions was then reportedly sent to accounts in Singapore and the UAE, raising suspicions of illicit financial activities.
The investigation uncovered that 63 shipments were over-invoiced, allegedly on behalf of importers. A first information report has been registered against two of these importing companies. As per the report, these companies imported solar panels worth72.83 billion and sold them for Rs45.61 billion.
In a startling discovery, the FBR’s investigative team found that the offices of these two companies, supposedly located in the same building in Peshawar, were non-existent. The addresses used for official documentation were fake, further complicating the trail of the illicit activities.
The income tax records of these companies also raised alarms, indicating that the entities were fabricated and had managed to siphon Rs20.4 billion out of the country under false pretence. As a result of these findings, FIRs have been registered against the two import companies involved.
