The Federal Board of Revenue (FBR) has exposed a staggering case of money laundering involving the import of solar panels, with an estimated Rs69.5 billion laundered between 2017 and 2022. Two major companies allegedly funnelled Rs72.83 billion out of Pakistan through over-invoicing and fake transactions.
The FBR’s investigation revealed that the companies imported solar panels from China, inflating the invoice amounts, and then sent the money to accounts in Singapore and the UAE. The companies’ offices in Peshawar were found to be non-existent, and their income tax records indicated fabricated entities.
FIRs have been registered against the two import companies involved. This scandal comes on the heels of a massive solar panel scam in Ahmedpur Sial, where citizens and business owners lost billions of rupees to fraudulent schemes.
#MoneyLaundering #SolarPanelImports #FBR #Pakistan
