AGL 38.31 Decreased By ▼ -0.52 (-1.34%)
AIRLINK 141.40 Decreased By ▼ -2.00 (-1.39%)
BOP 5.64 Increased By ▲ 0.40 (7.63%)
CNERGY 3.87 Increased By ▲ 0.15 (4.03%)
DCL 7.56 Decreased By ▼ -0.02 (-0.26%)
DFML 47.40 Increased By ▲ 1.00 (2.16%)
DGKC 79.75 Decreased By ▼ -1.13 (-1.4%)
FCCL 27.44 Increased By ▲ 0.02 (0.07%)
FFBL 54.85 Decreased By ▼ -0.15 (-0.27%)
FFL 8.60 Increased By ▲ 0.04 (0.47%)
HUBC 113.51 Increased By ▲ 2.49 (2.24%)
HUMNL 11.20 Decreased By ▼ -0.22 (-1.93%)
KEL 3.99 Increased By ▲ 0.22 (5.84%)
KOSM 8.54 Increased By ▲ 0.21 (2.52%)
MLCF 35.00 Decreased By ▼ -0.20 (-0.57%)
NBP 63.80 Increased By ▲ 2.45 (3.99%)
OGDC 169.40 Decreased By ▼ -2.50 (-1.45%)
PAEL 25.18 Decreased By ▼ -0.60 (-2.33%)
PIBTL 5.89 Decreased By ▼ -0.08 (-1.34%)
PPL 125.75 Decreased By ▼ -1.80 (-1.41%)
PRL 24.79 Decreased By ▼ -0.79 (-3.09%)
PTC 13.26 Increased By ▲ 1.11 (9.14%)
SEARL 57.45 Increased By ▲ 0.45 (0.79%)
TELE 7.12 Increased By ▲ 0.02 (0.28%)
TOMCL 35.00 Increased By ▲ 0.20 (0.57%)
TPLP 7.45 Increased By ▲ 0.50 (7.19%)
TREET 14.32 Increased By ▲ 0.47 (3.39%)
TRG 46.54 Decreased By ▼ -0.51 (-1.08%)
UNITY 26.18 Increased By ▲ 0.13 (0.5%)
WTL 1.20 Decreased By ▼ -0.01 (-0.83%)
BR100 9,091 Decreased By -2.4 (-0.03%)
BR30 27,347 Increased By 28.9 (0.11%)
KSE100 85,669 Increased By 5.3 (0.01%)
KSE30 27,216 Decreased By -224.9 (-0.82%)

KARACHI: The Directorate of Post Clearance Audit (PCA) South has uncovered another trade-based money laundering involving over Rs16 billion under solar panel imports.

According to an FIR, after an extensive investigation of a suspicious company, the Directorate found that this trade-based money laundering involved a cartel of 12 fictitious importers connected to this company.

The trade-based money laundering is estimated to have cost the national exchequer over Rs.16 billion as the cartel utilized an elaborate setup of non-existent businesses, misuse of customs procedures, and trade-based money laundering to import solar panels and other goods illegally.

Solar panel imports: Rs73bn illicit fund transfers detected

Specifically, the companies incorporated 11 fake business entities and added them to the NTN of said Lahore based company to enable fraudulent clearances. The goods were often mis-declared or cleared through misuse of the green channel. The document said that financial instruments were forged and funds not commensurate with the companies’ worth were used.

Two individuals – one has been arrested and is currently on a 7-day remand, from the clearing agency have been implicated for facilitating the process. At the same time, raids are being conducted to nab the second accused.

Sources said that over 50 shipping documents were used to evade Rs. 22 million in duties, and 678 shipping documents enabled over Rs. 1.6 billion of potentially illicit funds for imports. They said that the case has been registered against the companies and individuals and further investigation is in progress.

Furthermore, sources said that a sectoral audit was initiated upon the directions of FBR, and so far, nine FIRs have been lodged by PCA South - exposing one Peshawar-based cartel, one Quetta-based cartel, and now, one Karachi-based cartel.

The PCA team, under the guidance and supervision of DG PCA Chaudhry Zulfiqar Ali and Director PCA South, Sheeraz Ahmed, has successfully uncovered serious fraud in the solar panels sector leading to the lodging of FIRs which marks a significant development in the case.

Copyright Business Recorder, 2023

Comments

Comments are closed.

Cool boy Dec 29, 2023 09:58am
No wonder dealers were selling solar panels at such a high price... They were all looting people
thumb_up Recommended (0)
Ch K A Nye Dec 29, 2023 10:51am
No naming? No doubt political bigwigs are involved.
thumb_up Recommended (0)
Justice Dec 29, 2023 12:10pm
Corruption in the roots of society. The only solution is death sentence for proven corruption.
thumb_up Recommended (0)
Twain pen di Dec 29, 2023 12:39pm
simply bluffing as usual, no names and nothing indicative.
thumb_up Recommended (0)
KU Dec 29, 2023 06:51pm
SIFC cheerleaders would be like, "prograaam tu verr gya", and FATF would be like "you cheeky little......s". What shame at the handful of crooks and they roam free.
thumb_up Recommended (0)