The largest ‘trade-based’ money laundering and under-invoicing scandal inPakistan has been exposed by the Federal Board of Revenue (FBR). Followingan extensive investigation by auditors, the FBR initiated a case againsttwo companies in Peshawar, uncovering a massive money laundering operationtotaling Rs47 billion.
According to the FBR’s findings, this money transfer was classified as’trade-based money laundering.’ The report indicates that these companies,under the guise of dealing in solar panels, allegedly caused a staggeringfinancial loss to the national treasury, amounting to Rs25 billion throughunder-invoicing.
The First Information Report (FIR) named the owners of Moon Light Tradersand Bright Star companies as the suspects. Bright Star Company wasimplicated in under-invoicing in the GD in 2013, while auditors scrutinizedrecords of 705 GDs belonging to Moon Light Traders.
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Additionally, it was revealed that these companies continued their moneylaundering activities from 2017 to 2022. The report on trade-based moneylaundering and under-invoicing was also sent to the Caretaker PrimeMinister, Anwaarul Haq Kakar.
