KARACHI – Pakistan Customs has found two importers of solar panels involved in money laundering of billions of rupees.
A post-customs clearance investigation by the Directorate of Customs Post Clearance Audit (South) revealed that Bright State Business Solution Private Limited and Moonlight Traders used an over-invoicing scheme to sent the money abroad in wake of import of solar panels from China.
Reports said the two companies imported multiple consignment of solar panels worth Rs35 billion from China between 2017 and 2022 but they transferred Rs73 billion, far higher than the actual amount, through over-invoicing.
The solar panels consignments were eventually sold in domestic market for Rs46 billion, around Rs38 million below the amount declared in the invoices.
The investigators also found that the two firms were non-functional. They also examined the sales tax records of the companies and found that both are dummy firms as their income tax returns did not reflect the legitimate required income, local media reported.
It also emerged that both companies had connections as evidence of banking transactions between them were also found. The customs department also found that the importers transferred a massive amount of Rs73 billion abroad, despite their total value standing at Rs110 million.
