Billions of rupees in fines have been imposed on companies involved in money laundering under the guise of importing solar panels into Pakistan.
Following an investigation by the Director of Customs Post Clearance Audit, the Federal Board of Revenue (FBR) has levied a total of Rs111 billion in penalties on 13 fake import companies.
According to the FBR, these fictitious companies falsely declared the import of solar panels to transfer Rs120 billion abroad.
The fraudulent network also deposited Rs140 billion into bank accounts using fake documentation.
The FBR further stated that the 13 fraudulent companies are based in Peshawar, Quetta, and Islamabad.
Meanwhile, 327 containers of solar panels are currently held at various ports in Karachi, and their auction is expected to generate Rs1.5 billion in revenue for the government.
