Islamabad, Aug 26: The Federal Board of Revenue (FBR) has discovered a startling example of money laundering disguised as solar panel imports, with a massive over-invoicing spree of Rs69.5 billion from 2017 to 2022.
Two significant corporations are implicated in the case, according to the FBR’s in-depth analysis, which claims they channeled an astounding Rs72.83 billion out of Pakistan.
The companies in question, the study claims, purchased solar panels from China, with noticeably inflated values on the official invoices. Suspicion of unlawful financial activity was aroused when the proceeds from these transactions were allegedly transferred to accounts in Singapore and the United Arab Emirates.
63 shipments were found to have been over-invoiced, presumably on behalf of importers, according to the investigation. Two of these importing companies have been the subject of a first information report. The investigation claims that these companies sold solar panels for Rs45.61 billion after importing them for a total of Rs72.83 billion.
The FBR’s investigative team made the shocking finding that these two companies’ offices, which were meant to be in the same Peshawar building, were nonexistent. The trail of the illegal activity was made more difficult by the fact that the addresses used for official papers were false.
Concerns were also raised by these corporations’ income tax documents, which showed that the entities were fraudulent and had successfully embezzled Rs. 20.4 billion from the nation. FIRs have been filed against the two import companies in question as a result of these findings.
However, only a few days ago, Ahmedpur Sial tehsil of Jhang revealed a big fraud plan involving billions of rupees, wherein gullible individuals and business owners were duped into falling for a massive solar panel scam.
Serious financial losses resulted from the incident, especially for individuals who invested in solar energy solutions in an attempt to offset their skyrocketing electricity bills.
Residents who have been harmed by the scam claim that it has had a significant negative impact on them; estimates place the total amount lost in Ahmedpur Sial at between Rs2 and Rs2.5 billion. According to the victims, Punjab may have seen fraud of between Rs. 14 and Rs. 15 billion.
Traders said they started dealing in solar energy, got advance payments from consumers, but never received any material because of the high cost of electricity.
When the scam’s primary suspect fled, the situation got worse and put local investors and store owners in danger.
The Ahmedpur Sial business community is currently fighting to survive since their investments have been lost and no goods have been delivered. One store owner bemoaned, “It has become difficult for us to continue our business,” and bemoaned the lack of attention paid to their predicament.
The victims are now pleading on the chief minister of Punjab to act quickly. They have insisted on the creation of a high-level committee to look into the scam in detail and make sure the perpetrators are apprehended right away. The impacted parties expect that by taking this action, the guilty parties will be brought to justice and their lost money will be reimbursed.
