The Federal Board of Revenue (FBR) has taken another major action againstmoney laundering and over-invoicing in solar panel revenues, uncovering amoney laundering scheme worth 13 billion rupees. In a significant move bythe FBR, it has also identified 6 more fictitious companies during theDirectorate Post Clearance Audit, leading to the arrest of Abdul Aziz, theowner of the fictitious company Smart Ampex, who has been remanded intocustody for 6 days.
Previously, two fictitious companies in Peshawar were caught involved in a72 billion rupee trade-based money laundering scheme in the solar panelsector, where they transferred 13 billion rupees in illicit wealth abroad.Of the 6 fictitious companies, 3 are linked to Karachi, and the other 3 areassociated with Quetta.
The Treasury Committee has also urged the Federal Investigation Agency(FIA) to conduct investigations against the banks in this matter. The 6fictitious companies include S.H Traders, Sahar International, DeltaTrading, Smart Ampex, Ehsanullah Import Export, and Asadullah Enterprises.
According to the report, these 6 fictitious companies submitted 687 GoodsDeclarations for clearance of income-earned solar panels, out of which 443Goods Declarations were used for over-invoicing, leading to a 3 billionrupee money laundering operation.
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According to the FBR, the fictitious companies declared the value of solarpanels in Goods Declarations as 9 billion rupees, while their actual valuewas 13 billion rupees. The Customs Post Clearance Audit team has initiated6 new cases and formed teams for arrests.