ISLAMABAD: A shocking scandal surrounding solar panel imports has been uncovered, involving more than Rs110 billion in fraud and money laundering. Over 80 companies, some of them fake, are implicated in this major scam. The Senate panel has vowed to continue investigating and hold everyone responsible accountable.
A sub-committee of the Senate Standing Committee on Finance, led by Senator Mohsin Aziz, revealed the involvement of these companies in trade-based money laundering. The committee criticized the State Bank of Pakistan (SBP) for not cooperating by withholding essential data.
According to the Federal Board of Revenue (FBR), the companies were found guilty of over-invoicing and using fake documentation to hide suspicious transactions. One company’s owner, for instance, falsely claimed to be a salaried person, even though he was involved in importing solar panels worth Rs2.29 billion and selling them for Rs2.58 billion.
The FBR also reported that around Rs106 billion was transferred for solar panel imports, with over Rs69 billion in over-invoicing. In total, 80 companies were flagged, with 63 of them responsible for Rs69 billion in suspicious transactions. The FBR has filed 13 FIRs against these companies.
The sub-committee also questioned a private bank involved in transactions related to solar imports and asked for full transparency regarding the payments made by these companies.
The investigation revealed serious misuse of identity cards. Some individuals falsely claimed to have deposited large sums but later denied the transactions.
Companies like Bright Star, Moonlight, Asadullah Enterprises, and Smart Impex were also found guilty of over-invoicing. In one case, Bright Star falsely claimed to have imported solar panels at high rates and sold them for lower prices. Bright Star was also exposed as a fake company that was involved in fraudulent activities.
Further investigations showed that although solar panels were imported from China, the money was transferred to 10 different countries. Over Rs18 billion was sent overseas, raising further concerns.
Representatives from a private bank testified that Bright Star and Moonlight had made multiple cash transactions involving large sums. The bank reported these transactions to authorities as required under anti-money laundering laws.
Smart Impex, another company under investigation, was found to have a declared capital of just Rs2,000 but had deposited over Rs1.54 billion in cash.
The committee expressed concern over the SBP’s failure to provide important information on the solar import scandal. However, SBP officials assured that they would collect and present all relevant data in the next meeting.
The investigation will continue, and further inquiries are expected to uncover more details about the massive fraud in solar imports.
