Four companies transferred 29 billion rupees abroad through over-invoicing of solar panel imports between 2017 and 2022.
KARACHI ( WEB NEWS )
Four more cases have been registered in the solar panel import over-invoicing money laundering scandal. The Directorate of Post Clearance Audit South (FBR) has registered cases against four more companies involved in money laundering through over-invoicing of solar panel imports, transferring funds via banking channels from 2017 to 2022. The new cases name the central figure, Rab Nawaz, and his brother Ahmad Nawaz. Rab Nawaz was arrested by the Post Clearance Audit team in February 2024 from the Customs Special Court.
The Directorate of Post Clearance Audit South (FBR) team has filed separate cases against four companies: Pak Electronics, Royal Zone, Sky Linkers Business Chain Private Limited, and Sky Linkers Trading Company. These companies are accused of over-invoicing solar panel imports, transferring over 29 billion rupees via banking channels for money laundering between 2017 and 2022.
It is important to note that in 2023, the FBR presented a report on trade-based money laundering under the guise of solar panels to the federal government. The report was then presented in the National Assembly and Senate, after which the Post Clearance Audit team began formal investigations. A total of eight cases have been registered so far.
The central figures in this scandal hold significant influence. In February 2024, when Rab Nawaz, nominated in the four new cases, was being apprehended by the Post Clearance Audit team, a team of lawyers attempted to protect him, preventing his arrest at the Customs Court. However, due to the intervention of sensitive agencies, the PCA team was able to arrest him and transfer him to Islamabad for further investigation.
Additionally, last year, when Farhan Khalid, a representative of the company Messrs Army Fresh, appeared in Karachi’s City Court, he arrived in a government-issued vehicle (GP6369), which was filmed by the PCA team. The individuals accompanying him threatened the PCA team and demanded the deletion of the video on their mobile phones. The PCA team later filed a written complaint with the Karachi Bar Association about the incident. Similarly, the PCA team faced obstacles in taking legal action against Wasim Tanoli, also known as Pervez, one of the key agents in the scandal.
In the four newly registered cases, the PCA has accused private banks and shipping lines companies of being accomplices in the scandal, urging that investigations and action should be taken against them as well.
This case involves a large-scale trade-based money laundering operation, and while cases have been registered, recovery has not yet begun. The previous money laundering case revealed 106 billion rupees involved, with seven fake companies, including Sky Linkers Trading Company Peshawar, Sky Linkers Business Chain Private Limited Peshawar, Bright Star Business Solutions Private Limited Peshawar, Moonlight SMC Private Limited Peshawar, Pak Electronics Lahore, Solar Site (Private) Limited Lahore, and Royal Zone (Private) Limited Peshawar, under investigation. The total value of the imported solar panels was reported as 119 million rupees according to income tax declarations. The cartel caused significant economic damage by laundering billions of rupees. Of the 106 billion rupees, 42 billion rupees were deposited in commercial banks as cash deposits. Additionally, 85 billion rupees of the sales from these bogus companies were reported under unregistered and unidentifiable individuals.