Big action against FBR's money laundering case over invoicing

Abdul Aziz, the owner of Smart Impex, was arrested and remanded for six days from the court

Solar Panel

Thirteen billion rupees money laundering has been revealed under the guise of solar panel imports. Directorate of Post Clearance Audit has detected 6 more fake companies of solar panels.


According to reports, Abdul Aziz, the owner of the fake company Smart Impex, was arrested and remanded for six days from the court. Before that, two fake companies in Peshawar have also been arrested for the trade base money laundering of billions.


Fake companies of solar panels transferred thirteen billion rupees abroad under the guise of solar panels, three of the six fake companies are from Karachi and the other three from Quetta. The Standing Committee on Finance has also asked FIA to investigate the banks in this matter Is .


The six fictitious companies include SH Traders, Sahara International, Delta Trading, Smart Impex, Ehsanullah Import Export and Asadullah Enterprises. The six fictitious companies have submitted 687 goods declarations for clearance of imported solar panels


Goods declarations, out of which four hundred and forty-three billions of money was laundered by over-invoicing through goods declarations. Dummy companies revealed the original value of solar panels worth thirteen billion rupees in goods declarations. Customs post-clearance audit team registered six new cases and made arrests. Teams have been formed.


It should be noted that the issue of money laundering of billions under the guise of solar panel imports had reached the Parliament. The Senate Finance Committee had ordered a full investigation into the matter to determine those responsible.


Chairman FBR Amjad Zubair Towana told the committee during the briefing that between 2017 and 2022, 72 billion 83 crore rupees were sent out of the country in the name of solar panel imports, but only 45 billion 61 crore solar panels were imported in the local market. were sold, resulting in over-invoicing of 69 billion 50 crore rupees.


Chairman FBR told the committee that solar panels worth billions of rupees were imported from China but the money was transferred to Dubai and Singapore. 6 thousand 232 goods declarations have been traced through audit.


Officials said that only two major companies of Peshawar are accused of over-invoicing of 45 billion rupees, and investigations were started by registering FIRs. Negligence or facilitating commercial banks were also on the radar.


The standing committee had directed the FBR to conduct an investigation under the Anti-Money Laundering Act and submit a report while also seeking clarification on the financing gap of four and a half billion rupees.