A shocking case of money laundering has been uncovered by the Federal Board of Revenue (FBR) under the guise of solar panel imports, with an extensive over-invoicing amounting to Rs69.5 billion between 2017 and 2022.
The FBR's detailed report on the matter reveals the involvement of two major companies that allegedly funnelled a staggering Rs72.83 billion out of Pakistan.
According to the report, the companies in question imported solar panels from China, with the official invoices showing significantly inflated amounts. The money from these transactions was then reportedly sent to accounts in Singapore and the UAE, raising suspicions of illicit financial activities.
The investigation uncovered that 63 shipments were over-invoiced, allegedly on behalf of importers. A first information report has been registered against two of these importing companies. As per the report, these companies imported solar panels worth72.83 billion and sold them for Rs45.61 billion.
In a startling discovery, the FBR's investigative team found that the offices of these two companies, supposedly located in the same building in Peshawar, were non-existent. The addresses used for official documentation were fake, further complicating the trail of the illicit activities.
The income tax records of these companies also raised alarms, indicating that the entities were fabricated and had managed to siphon Rs20.4 billion out of the country under false pretence. As a result of these findings, FIRs have been registered against the two import companies involved.
On the other hand, just a few days ago, a massive fraud scheme worth billions of rupees was uncovered in Ahmedpur Sial tehsil of Jhang, where unsuspecting citizens and business owners fell victim to a large-scale solar panel scam.
The scandal caused severe financial losses, particularly for those who sought relief from soaring electricity bills by investing in solar energy solutions.
According to affected residents, the scam has impacted them deeply, with estimates indicating that between Rs2 to Rs2.5 billion have been lost in Ahmedpur Sial alone. Victims believe the total fraud across Punjab could be as high as Rs14 to 15 billion.
Traders claim that due to the heavy electricity bills, they had started dealing in solar energy, took advance money from people, but did not get any material. The situation worsened when the main suspect in the scam absconded, leaving local shopkeepers and investors in a dire predicament.
With their investments gone and no products delivered, the business community in Ahmedpur Sial is now struggling to stay afloat. "It has become difficult for us to continue our business," said one shopkeeper, who lamented the lack of attention to their plight.
The victims are now calling on the Punjab chief minister to intervene urgently. They have demanded the formation of a high-level committee to investigate the scam thoroughly and ensure the swift arrest of those responsible. The affected parties are hopeful that such action will lead to the recovery of their lost funds and the prosecution of the culprits.
