ISLAMABAD – A Senate subcommittee has mandated a fresh audit of solar panel imports since 2018, expressing dissatisfaction with the handling of a staggering Rs70 billion under- and over-invoicing scandal involving two importers and commercial banks.
During the meeting chaired by Senator Mohsin Aziz, the Senate Standing Committee on Finance and Revenue unveiled alarming revelations of massive financial irregularities. Two companies—Bright Star Business and Moonlight Traders—were identified as key players, conducting dubious transactions worth Rs106 billion between 2018 and 2022, a significant portion of which involved cash dealings.
Senator Aziz raised concerns over how such large-scale transactions bypassed scrutiny despite stringent import restrictions. “How could these companies execute massive single transactions without triggering alarms?” he questioned.
The companies used accounts at Dubai Islamic Bank and Askari Bank in Lahore to facilitate imports. Bright Star alone executed transactions of Rs2.7 billion in 2018, increasing to Rs5 billion in 2019. Moonlight Traders reported a turnover of Rs7.9 billion, with substantial cash components.
Further investigations revealed significant discrepancies in import valuations, with some containers cleared at inflated prices while others were undervalued. FBR officials flagged Rs46 billion in suspicious transactions, many involving potential money laundering.
Both Askari Bank and Dubai Islamic Bank faced fines of Rs40 million and Rs27 million, respectively, for negligence. Despite arrests of three individuals, the committee emphasized that many questions remain unanswered.
The Senate panel recommended a full audit of all solar imports from 2018 to 2022, stricter financial transaction monitoring, and immediate investigations into the role of commercial banks in the scandal.
Story by Khaleeq Kiani
