The Federal Board of Revenue (FBR) has registered FIRs against two importers of solar panels involved in over-invoicing, obstruction of audit, and using illicit funds for imports in violation of the Customs Act, of 1969.
According to the documents submitted by the FBR before the Senate Standing Committee on Finance, massive money laundering has been reported by some Solar Panel Importers.
The committee was told that action would be taken against the elements involved in the scam under the Anti-Money Laundering Act, FBR added.
As a result of the audit, two FIRs have recently been lodged against M/S Bright Star Business Solution (Pvt) Ltd and M/S Moonlight Trader (SMC) Pvt Ltd as these two importers were involved in over-invoicing, obstruction of audit, and using illicit funds for imports in violation of Customs Act, 1969.
The Committee sought details of all the banks involved and vowed to pursue the matter with the State Bank of Pakistan and all relevant authorities for swift resolution.
In Rs. 69 billion solar panel imports, an over-invoicing scam of Rs. 37 billion by two companies was detected. The FBR has registered an FIR against the involved persons who are absconders at this point in time. Out of the total solar panel imports of Rs. 69 billion, Rs. 45 billion were sold in the market. As solar panels are not made in the country, therefore, they are imported.
The committee was informed that solar panels were imported from one country and payment was made in another country. It is necessary to get NOC from State Bank Pakistan (SBP) for such payments.
The committee was told that action would be taken against the elements involved in the scam under the Anti-Money Laundering Act, FBR added.
Source: Pro Pakistani