Solar panel imports: 80 companies transferred around Rs106bn abroad: FBR

ISLAMABAD: The Federal Board of Revenue (FBR), Thursday, said 80 companies had transferred around Rs106 billion abroad for solar panels import involving overinvoicing of Rs69 billion.

Further investigation uncovered that although solar panels were imported from China, the funds for these transactions were illegally transferred to 10 other countries also. Over Rs18 billion was sent to foreign countries, which need further scrutiny.

The Senate Finance Subcommittee meeting, chaired by Senator Mohsin Aziz, was convened Thursday to discuss the ongoing investigation into the solar panel import over-invoicing. Key revelations surrounding the involvement of a dummy company in the import process were presented by the FBR officials.

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The FBR officials revealed that the owner of one particular company, which was involved in the import of solar panels, falsely portrayed himself as a salaried individual in official documents. The company, identified as a dummy entity, imported solar panels worth around Rs2.29 billion. It was also reported that this same company showed sales of solar panels amounting to more than Rs2.58 billion.

The committee heard startling figures from the FBR, revealing that companies had transferred around Rs106 billion for solar imports. A staggering Rs69 billion worth of over-invoicing was detected during the investigation. In total, the FBR has identified 80 suspicious companies involved in the solar import scandal. Of these, 63 companies, accounting for Rs69 billion in transactions, were flagged for over-invoicing.

As a result of the over-invoicing findings, the FBR has filed 13 FIRs against the implicated companies. Further questioning revealed that several companies, such as Bright Star, Moonlight, Asadullah Enterprises, and Smart Impex, were involved in over-invoicing.

Senator Mohsin Aziz demanded further clarification from a bank on the solar import transactions of these companies, calling for transparency on the amounts transferred and the nature of their business activities.

The FBR officials disclosed alarming information about the misuse of identity cards. Several individuals were found to have deposited large sums of money under false pretenses. One individual had deposited Rs14 million in bank but later denied the transaction, while another claimed he had never seen such a large amount in his life.

The committee also revealed that Bright Star, a company heavily implicated in the issue, falsely claimed to have imported solar panels at high rates and sold them at lower rate in local market. The FBR officials emphasised that Bright Star was a fake and bogus company involved in fraudulent solar import activities.

Representatives from a bank testified that Bright Star and Moonlight had made multiple transactions involving large sums. Bright Star had four transactions totaling Rs185 million, all of which, were cash deposits. Additionally, Moonlight had two transactions worth Rs49 million. Following a bank had issued STR regarding these suspicious dealings.

In a striking revelation, the value of Smart Impact, another company under investigation, was reported to be only having paid up capital of Rs2,000. Despite this, the company deposited over Rs1.54 billion in cash, with total deposits amounting to Rs3.39 billion. The committee decided to hold further inquiries in the next committee meeting.

Deputy Governor of the State Bank of Pakistan assured the committee that all data related to solar imports would be collected and presented in the next meeting.

Copyright Business Recorder, 2025