The Federal Board of Revenue’s (FBR) Directorate of Customs Post Clearance Audit South has uncovered a staggering Rs106 billion money laundering scheme disguised as solar panel imports, Express News reported.
The investigation revealed the involvement of seven fake companies:
Messrs Sky Linkers Trading Company, Peshawar
Messrs Sky Linkers Business Chain Private Limited, Peshawar
Messrs Bright Star Business Solution Private Limited, Peshawar
Messrs Moonlight SMC Private Limited, Peshawar
Messrs Pak Electronics, Lahore
Messrs Solar Site (Private) Limited, Lahore
Messrs Royal Zone (Private) Limited
Led by Rab Nawaz and Ahmed Nawaz, the network used these companies to conduct large-scale over-invoicing and illicit financial transactions. The declared import value of solar panels was only Rs119 million, but the companies executed transactions totaling Rs106 billion.
Key Findings:
Rs42 billion was deposited in cash into commercial banks, masking the origins of the funds.
Rs85 billion was attributed to local sales under unregistered individuals.
Over-invoicing margins ranged from 235% to 500%, with solar panels imported at $0.35-$0.70 per watt, despite actual prices of 0.15 cents per watt.
Dummy owners, including one salaried individual earning Rs250,000 annually, were used to import billions’ worth of solar panels.
Funds were ultimately funneled to four bank accounts in China controlled by Rab Nawaz.
Under DG PCA Chaudhry Zulfiqar Ali and Director Shiraz Ahmed, the Customs teams dismantled the network, exposing the fraudulent dealings and their financial impact on the country.
The FBR has filed cases against those involved and intensified efforts to prosecute the culprits, marking a critical step in combating financial crime in Pakistan.
Story by Ehtesham Mufti
