ISLAMABAD: The Federal Board of Revenue (FBR) has acted over trade-based money laundering and over-invoicing charges in the name of importing solar panels.
The FBR’s Financial Intelligence Unit has contacted the UAE, Singapore and China’s Customs authorities for return of the money, sent to these countries.
According to the details, solar panels were imported from China while over 18 billion amount was sent to the UAE and other countries.
“Importers transferred around eight billion in the UAE,” FBR said. “Over six billion transferred to Singapore, while around 1.75 billion to Switzerland”.
“Solar panels were imported in five years from China while transactions were made to 10 other countries,” according to sources.
Post-clearance audit officials pointed out violation of the foreign exchange regulations in the matter. “The amount sent to other countries, which is violation of the foreign exchange regulations,” according to a report.
The importers have been booked under charges of over-invoicing and trade-based money laundering.
The Federal Board of Revenue decided to expand the scope of its investigation in response to Rs 3 billion alleged over-invoicing found in the guise of importing solar panels.
Sources claimed that another six companies allegedly over-invoiced Rs3 billion in the import of Rs13 billion worth of solar panels.
Meanwhile, a total of six FIRs have been registered against the companies registered to import solar panels including three companies from Karachi and three from Quetta.
According to the sources, the alleged over-invoicing in the solar panel imports is believed to channel funds towards exchange companies and undisclosed entities.
Sources further claimed that the money laundering investigation will also conduct against the companies found involved in the over-invoicing.
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