New startling revelations reported in money laundering case worth Rs 13 billion
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The Federal Board of Revenue (FBR) made a significant decision on Monday to expand its ongoing investigation, responding to the alleged over-invoicing of Rs 3 billion detected in the importation of solar panels.It has come to light that an additional six companies are suspected of over-invoicing, this time totaling Rs 3 billion, in relation to the importation of solar panels valued at Rs 13 billion.
In response to these findings, a total of six FIRs (First Information Reports) have been filed against companies registered for solar panel imports, comprising three from Karachi and three from Quetta.
According to sources, the alleged over-invoicing scheme is believed to be a means to funnel funds into exchange companies and undisclosed entities, raising concerns of potential money laundering activities. Investigations into money laundering allegations will also be conducted against the companies implicated in the over-invoicing.
This is not the first instance of over-invoicing related to solar panel imports in Pakistan. Previously, between 2017 and 2022, over Rs 69.5 billion worth of over-invoicing was uncovered.
The FBR report revealed a clear pattern of over-invoicing associated with 6,232 Goods Declarations (GDs) filed by 63 importers. Astonishingly, Rs 72 billion had been transferred through two private companies, while solar panels valued at only Rs 45 billion were actually imported.
The matter of over-invoicing was discussed with the Senate standing committee on finance, where the Chairman of the FBR provided a briefing on these concerning developments.
