Yet another huge money laundering scandal worth Rs 47 billion unearthed by FBR
Shares
The largest 'trade-based' money laundering and under-invoicing scandal in Pakistan has been exposed by the Federal Board of Revenue (FBR). Following an extensive investigation by auditors, the FBR initiated a case against two companies in Peshawar, uncovering a massive money laundering operation totaling 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 staggering financial loss to the national treasury, amounting to Rs25 billion through under-invoicing.
The First Information Report (FIR) named the owners of Moon Light Traders and Bright Star companies as the suspects. Bright Star Company was implicated in under-invoicing in the GD in 2013, while auditors scrutinized records of 705 GDs belonging to Moon Light Traders.
Additionally, it was revealed that these companies continued their money laundering activities from 2017 to 2022. The report on trade-based money laundering and under-invoicing was also sent to the Caretaker Prime Minister, Anwaarul Haq Kakar.
