FIA unearths another innovative scam of money laundering

FIA unearths another innovative scam of money laundering

The Federal Investigation Authority (FIA) has significantly intensified its efforts in investigating car showroom proprietors. In a move to combat trade-based money laundering, the FIA has initiated a comprehensive inquiry targeting car showroom owners. This investigative endeavor commenced at Khalid Bin Waleed Road in Karachi, where a specialized FIA team is actively pursuing leads.

The initial phase of this operation involves the issuance of official notices to four showroom owners, compelling them to appear for questioning on September 26.

In furtherance of their investigation, the FIA's specialized team has requested a comprehensive record detailing all car imports from January 1, 2021, up to the present day. This request underscores the agency's commitment to scrutinize the financial activities and transactions of car showroom owners with precision. Confidential sources within the FIA have disclosed that failure to comply with the issued notices will result in the initiation of legal actions against the implicated showroom proprietors.

Furthermore, prior revelations have shed light on the extent of over-invoicing practices within the importation of solar panels during the period from 2017 to 2022. According to a report by the Federal Board of Revenue (FBR), a pervasive pattern of over-invoicing has been identified across 6,232 Goods Declarations (GDs) filed by 63 importers.

This irregularity facilitated the transfer of a staggering Rs 72 billion by two private companies, despite the actual importation of solar panels valued at Rs 45 billion. The Senate standing committee on finance was apprised of this concerning situation during a detailed briefing provided by the FBR chairman.

In summary, the FIA's concentrated effort to combat money laundering through trade activities has led to a comprehensive investigation into car showroom owners. The agency's specialized team is diligently pursuing leads, issuing notices, and requesting detailed import records to ensure transparency. Simultaneously, the revelation of over-invoicing in solar panel imports underscores the need for vigilance in monitoring trade practices to maintain economic integrity. These developments signal the government's commitment to curbing financial irregularities and promoting transparency in the business sector.