What Happened: The FBR has uncovered a major money laundering scheme involving solar panel imports, with over Rs69 billion in over-invoicing and additional losses from a separate scam in Punjab.
What you need to know: The Federal Board of Revenue (FBR) has revealed a large-scale money laundering scheme involving the import of solar panels from China. Between 2017 and 2022, two companies were found to have over-invoiced solar panels by Rs69.5 billion. These companies allegedly siphoned Rs72.83 billion out of Pakistan using fake invoices and non-existent offices in Peshawar.
What more: They imported solar panels valued at Rs72.83 billion and sold them for Rs45.61 billion, embezzling Rs20.4 billion in the process. FIRs have been filed against the companies. Additionally, a separate solar panel scam has emerged in Ahmedpur Sial, Punjab, where citizens and businesses were deceived into investing in non-existent solar energy solutions.
Also: This scam has led to substantial financial losses, with estimates of Rs2-2.5 billion lost in Ahmedpur Sial alone and potentially Rs14-15 billion across Punjab. Victims are demanding the formation of a high-level committee to investigate and recover their lost money.