FBR Fines Firms Rs111bn Over Solar Import Scam

The Federal Board of Revenue (FBR) has imposed fines amounting to Rs111 billion on 13 companies found guilty of laundering money worth Rs120 billion by falsely declaring solar panel imports.

An investigation by the Directorate of Customs Post Clearance Audit uncovered that these firms had submitted fake documentation to show they were importing solar panels. In reality, the paperwork was used as a cover to illegally send huge sums of money abroad.

According to FBR officials, the network used forged records to deposit over Rs140 billion into bank accounts, adding another layer to what has been described as a highly sophisticated case of trade-based money laundering.

The fraudulent companies were based in major cities, including Peshawar, Quetta, and Islamabad. Authorities also discovered 327 containers at Karachi ports, all allegedly filled with solar panels. These containers are now set to be auctioned, with estimated government earnings of Rs1.5 billion.

Officials stated that the scam posed as a green initiative to avoid suspicion while illegally moving money overseas. The solar panel front allowed the companies to benefit from reduced duties and escape stricter checks normally applied to other imports.

Further investigations are underway, and the FBR has signaled that legal proceedings against the involved parties will follow soon.