The Directorate of Customs Post Clearance Audit South, operating under the Federal Board of Revenue (FBR), has uncovered a massive money lau...
The Directorate of Customs Post Clearance Audit South, operating under the Federal Board of Revenue (FBR), has uncovered a massive money laundering scheme worth over Rs106 billion, disguised as solar panel imports. According to Express News, the operation involved seven fake companies, and the FBR has now filed cases against them. The companies implicated in the scandal include: 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, and Messrs Royal Zone (Private) Limited. According to Shiraz Ahmed, Director of Customs Post Clearance Audit South, the investigation into the money laundering network led to the dismantling of a notorious cartel that used these seven fake companies to launder Rs106 billion. The counterfeit companies were involved in over-invoicing and the import of solar panels. Despite the total declared value of solar panel imports being only Rs119 million according to income tax declarations, the companies carried out transactions amounting to Rs106 billion. A syndicate led by Rab Nawaz and his brother Ahmed Nawaz orchestrated this scheme, using the fake companies to facilitate illegal operations, thereby causing significant financial losses to the country. Of the laundered amount, Rs42 billion were deposited in commercial banks as cash deposits, allegedly to mask the illegal origins of the funds. The remaining Rs85 billion of local sales were declared under unregistered and unidentified individuals. The investigation revealed large-scale over-invoicing during the import stage. For example, the actual price of solar panels from China, based on the original commercial invoices, was 0.15 cents per watt. However, the panels were imported into Pakistan at a rate of $0.35 to $0.70 per watt, reflecting a massive over-invoicing margin of 235% to 500%. Further investigation uncovered a puzzling case involving the dummy owner of one of the fake companies, who, despite being a salaried person with an annual income of only Rs250,000, had imported solar panels worth Rs2.5 billion. The investigation also revealed that the illicit funds were eventually transferred to four bank accounts in China, owned by Rab Nawaz, who also controlled the network of seven fake companies operating in Pakistan. These Chinese companies played a role in hiding the real export values of the solar panels, adding another layer of illegality to the operation. Under the leadership of DG PCA Chaudhry Zulfiqar Ali and Director PCA South Shiraz Ahmed, the Customs Post Clearance Audit teams uncovered the depths of this fraudulent scheme. With the efforts of special teams intensifying, FBR is committed to bringing all culprits to justice. The dismantling of this notorious network marks a significant step forward in the fight against financial crimes in Pakistan.
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