Officials of the Federal Board of Revenue (FBR) informed the Senate Standing Sub-Committee on Finance and Revenue that commercial banks facilitated a mega-scale money laundering scam under the guise of solar panel imports worth Rs. 117 billion.
The Revenue Division uncovered over-invoicing worth Rs. 69.5 billion between 2017 and 2022. During this time, there was capital flight abroad instead of using this amount of money for legitimate trade.
FBR officials informed the committee that 63 importer companies were shortlisted in the over-invoicing scam. The committee expressed serious concerns over how companies with minimal paid-up capital conducted business worth billions. One company with Rs. 2 million capital managed transactions worth Rs. 50 billion, while another with Rs. 10 million capital carried out Rs. 40 billion in trade.
The inquiry also examined commercial banks’ role in facilitating these transactions. The State Bank of Pakistan (SBP) imposed fines exceeding Rs. 200 million on banks, but the committee questioned why only minor penalties were issued. One senator demanded clarification on the central bank’s actions against banks involved.
Officials confirmed that funds were transferred to multiple countries, including the UAE, Singapore, Switzerland, the US, Australia, Germany, Canada, South Korea, Sri Lanka, and the UK.
The Financial Monitoring Unit (FMU) had flagged suspicious transactions as early as 2019 but sent just 28 Suspicious Transaction Reports (STRs) to the FBR. The Senate committee criticized the delayed response and called for a detailed report from the SBP, FMU, and FBR to determine the case.
Bank officials disclosed that private companies executed multiple transactions. One company called Bright Star made four transactions worth $185 million and Moonlight conducted two transactions worth $49 million. A total of $427 million in over-invoicing and money laundering was reported in the case.
The committee pledged to continue this probe to punish all those involved in the scam.
Other companies are named in the news but NO name of concerned bank , why ?
HabibMetro Bank
Source: https://www.dialoguepakistan.com/en/pakistan/habibmetro-bank-accused-of-misconduct-in-solar-panels-import
Yeah. Agreed. Skimmed through twice for bank names. Headline should have been that unknown banks caught red-handed. Or , we don’t know what we are talking about.
i guess power of Paiiisaa
Nothing is going to happen. This is Pakistan. Those who involved in this fraud most probably would be those who are claiming today to punish all those responsible. They will amend rules and laws as we see today. Our so-called leaders are being taught in other countries as most corrupt and how they invented ways of corruption. Pakistan universities start “New ways/ideas of Corruption”. The tutors mostly the elite.
Pls published full names of importers who are involved in this scam.
2. Name of Bank.
3. How much money of over invoiced received beck.
4. Any fine & penalties on importers? Under customs Act 1969
shame propk, name them like dawn name malik riaz
The 90% import of solar panel from china,but mony transfer through over invoicing,in Europe us Singapore Uae this is 100 % money laundering no import behind this
Sab bakwas hay. Neither you mentioned bank name nor the person’s name. Fake story.
The story is true but the writers and editors don’t have the courage to name names.
کلمہ طیبہ کے نام پر بنا پاکستان کس لیے وجود میں آیا تھا۔ ہزاروں افراد نے قربانی دی، بے شمار خواتین کی عزتیں پامال ہوئیں۔یہ ملک اپنے قیام کا جواز کھو چکا ہے۔ کرپشن ، بے انصافی اور لا قانونیت ظلم
You will see later on all will be settled in few days. The person behind this scam will be having full support from our own Governing System. FBR System is also developed by them. Thanks you
When Regular such as State Bank of Pakistan is invlove in Saling Note sorting and binding machine. When SBP is more focus to issue verious licences instead of regulating the existing commercial banks so they can put the responsibility of banks CEO they allowed these banks to creat Sister concern money exchange company so the foerige.
Most important wonder what is fit and proper test is for ? when SBP is not bother to check the experience of concern department heads and the department and units under the incumbent. Number of banks have addpoted a prectice where branch head of Operations including Operation Manager, Regional and area Operation managers are reporting to Business Head. How the operation head and managers can stop or deny any wrong doing and. iolation of SBP instructions. All this is happening under the nose of SBP as regulator and BPRD as department concern.