Over-invoicing worth Rs69.5b unearthed

A massive money laundering scandal has been unearthed in the import of solar panels that has shown over-invoicing of Rs69.5 billion between 2017 and 2022. Officials of the Federal Board of Revenue (FBR) disclosed this while giving a briefing to the sub-committee of the Senate Standing Committee on Finance in a meeting held under the chairmanship of Senator Mohsin Aziz. The solar panels were imported from China, but payments were made to companies in other countries. The committee was informed that a total of Rs117 billion was transferred abroad through the scam, with payments going to companies in 10 countries including the UAE, Singapore, Switzerland, the US, Australia, Germany, Canada, South Korea, Sri Lanka and the UK.