The Federal Investigation Authority (FIA) has significantly intensified itsefforts in investigating car showroom proprietors. In a move to combattrade-based money laundering, the FIA has initiated a comprehensive inquirytargeting car showroom owners. This investigative endeavor commenced atKhalid Bin Waleed Road in Karachi, where a specialized FIA team is activelypursuing leads.
The initial phase of this operation involves the issuance of officialnotices to four showroom owners, compelling them to appear for questioningon September 26.
In furtherance of their investigation, the FIA’s specialized team hasrequested a comprehensive record detailing all car imports from January 1,2021, up to the present day. This request underscores the agency’scommitment to scrutinize the financial activities and transactions of carshowroom owners with precision. Confidential sources within the FIA havedisclosed that failure to comply with the issued notices will result in theinitiation of legal actions against the implicated showroom proprietors.
Furthermore, prior revelations have shed light on the extent ofover-invoicing practices within the importation of solar panels during theperiod from 2017 to 2022. According to a report by the Federal Board ofRevenue (FBR), a pervasive pattern of over-invoicing has been identifiedacross 6,232 Goods Declarations (GDs) filed by 63 importers.
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This irregularity facilitated the transfer of a staggering Rs 72 billion bytwo private companies, despite the actual importation of solar panelsvalued at Rs 45 billion. The Senate standing committee on finance wasapprised of this concerning situation during a detailed briefing providedby the FBR chairman.
In summary, the FIA’s concentrated effort to combat money launderingthrough trade activities has led to a comprehensive investigation into carshowroom owners. The agency’s specialized team is diligently pursuingleads, issuing notices, and requesting detailed import records to ensuretransparency. Simultaneously, the revelation of over-invoicing in solarpanel imports underscores the need for vigilance in monitoring tradepractices to maintain economic integrity. These developments signal thegovernment’s commitment to curbing financial irregularities and promotingtransparency in the business sector.
