The Federal Board of Revenue has unearthed the biggest ‘trade-based’ money laundering and under-invoicing scandal in Pakistan.
The Federal Board of Revenue lodged a case against two companies in Peshawar after unearthing a massive money laundering worth Rs47 billion following a thorough investigation by the auditors. According to FBR’s report, the transfer of money was declared a ‘trade-based money laundering’.
The report stated that the companies caused a mammoth financial loss to the national exchequer worth Rs25 billion allegedly through under-invoicing. The money laundering and under-invoicing were committed in the name of solar panels.
It also revealed that the companies continued laundering money from 2017 to 2022. The trade-based money laundering and under-invoicing report was also forwarded to the Caretaker Prime Minister Anwaarul Haq Kakar, says a news channel.
In September, the Federal Board of Revenue had unearthed the country’s biggest tax fraud worth Rs314 billion committed by a fake company, K H & Sons.
