The Federal Board of Revenue (FBR) has recently uncovered a massive money laundering operation involving the import of solar panels into Pakistan.

The Federal Board of Revenue (FBR) has recently uncovered a massive money laundering operation involving the import of solar panels into Pakistan. This scheme, which spanned from 2017 to 2022, involved over-invoicing by two major companies that allegedly funneled approximately Rs72.83 billion out of the country. The FBR’s investigation revealed that these companies, which imported solar panels primarily from China, inflated the invoiced amounts and then transferred the excess funds to accounts in Singapore and the UAE. Furthermore, the investigation found that the companies used fake addresses and documents, complicating the tracing of these illicit activities.

In a related development, the Directorate of Post Clearance Audit Customs South also reported significant over-invoicing, amounting to Rs69.5 billion, by multiple solar panel importers. The authorities are now intensifying efforts to address this financial crime and ensure that those responsible are held accountable.