The State Bank of Pakistan (SBP) on Tuesday failed to convince the Senate Standing Committee on Finance regarding an unresolved money laundering case involving Rs. 70 billion under the guise of importing solar panels.
The case involves cash transactions totaling Rs. 300-400 billion, with only a Rs. 90 million fine imposed on the banks allegedly involved in the scam.
The central officials disclosed that action has been taken against 17 employees from various banks, and the Deputy Governor acknowledged flaws in the banking system. Senator Musadik Malik, however, expressed dissatisfaction with the SBP briefing, calling it vague, and proposed handing over the case to state agencies.
The committee members questioned the Deputy Governor extensively, demanding detailed information on the Rs. 90 million penalty. Senator Malik argued that even a fine of Rs. 900 million would not suffice for the case which involved over 9,000 cash transactions. He urged a thorough investigation, expressing concerns about the impact on genuine importers due to over-invoicing.
The Senate panel requested a comprehensive report from SBP. The Deputy Governor State Bank offered to provide a briefing in a closed-door meeting. However, Senator Malik suggested involving the FIA in the investigation and highlighted the adverse effects of the case on legitimate importers.
