In a breakthrough, leading businessman involved in money laundering worth Rs 13 billion arrested
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The Federal Board of Revenue (FBR) has taken another major action against money laundering and over-invoicing in solar panel revenues, uncovering a money laundering scheme worth 13 billion rupees. In a significant move by the FBR, it has also identified 6 more fictitious companies during the Directorate Post Clearance Audit, leading to the arrest of Abdul Aziz, the owner of the fictitious company Smart Ampex, who has been remanded into custody for 6 days.
Previously, two fictitious companies in Peshawar were caught involved in a 72 billion rupee trade-based money laundering scheme in the solar panel sector, where they transferred 13 billion rupees in illicit wealth abroad. Of the 6 fictitious companies, 3 are linked to Karachi, and the other 3 are associated with Quetta.
The Treasury Committee has also urged the Federal Investigation Agency (FIA) to conduct investigations against the banks in this matter. The 6 fictitious companies include S.H Traders, Sahar International, Delta Trading, Smart Ampex, Ehsanullah Import Export, and Asadullah Enterprises.
According to the report, these 6 fictitious companies submitted 687 Goods Declarations for clearance of income-earned solar panels, out of which 443 Goods Declarations were used for over-invoicing, leading to a 3 billion rupee money laundering operation.
According to the FBR, the fictitious companies declared the value of solar panels in Goods Declarations as 9 billion rupees, while their actual value was 13 billion rupees. The Customs Post Clearance Audit team has initiated 6 new cases and formed teams for arrests.
