FIA launches yet another crackdown against new mafia

FIA launches yet another crackdown against new mafia

In a recent development, the Federal Investigation Authority (FIA) has escalated its efforts in scrutinizing car showroom proprietors, as reported by ARY News. This intensified focus by the FIA signifies a growing concern surrounding potential money laundering activities within the automobile retail sector.

Sources have divulged that the FIA has initiated a comprehensive investigation into trade-based money laundering practices involving owners of car showrooms. To commence this inquiry, a dedicated FIA task force has commenced its operations in the vicinity of Khalid Bin Waleed Road in Karachi. As the first step in this investigative process, notices have been formally dispatched to four car showroom proprietors, summoning them to appear for questioning on September 26.

Notably, the FIA's specialized investigative unit has also demanded a comprehensive record detailing all car imports made from January 1, 2021, up to the present day. Sources embedded within the FIA have hinted that failure on the part of car showroom owners to comply with these notices may lead to the initiation of legal actions against them.

This development follows earlier revelations concerning significant over-invoicing practices during the importation of solar panels between 2017 and 2022, amounting to over Rs 69.5 billion.

As per a report by the Federal Board of Revenue (FBR), this irregularity involved 6,232 Goods Declarations (GDs) submitted by 63 importers, with an astonishing Rs 72 billion transferred by two private companies, despite solar panels valued at Rs 45 billion being the actual imports. These findings underscore the gravity of financial misconduct that authorities are keen on addressing within various sectors of the economy.