The Directorate of Customs Post Clearance Audit South, operating under the Federal Board of Revenue (FBR), has uncovered a massive money laundering scam involving over Rs106 billion, cleverly disguised as solar panel imports.
According to a news report, the operation involved seven fake companies, against which the FBR has now filed legal cases.
The companies implicated in the scandal are:
- Messrs Sky Linkers Trading Company Peshawar
- Messrs Sky Linkers Business Chain Private Limited Peshawar
- Messrs Bright Star Business Solution Private Limited Peshawar
- Messrs Moonlight SMC Private Limited Peshawar
- Messrs Pak Electronics Lahore
- Messrs Solar Site (Private) Limited Lahore
- Messrs Royal Zone (Private) Limited
Shiraz Ahmed, Director of Customs Post Clearance Audit South, stated that the investigation dismantled a notorious cartel using these fake companies to launder an astonishing Rs106 billion.
The counterfeit companies were involved in large-scale over-invoicing and fraudulent imports of solar panels. Despite declaring a total import value of just Rs119 million in their income tax returns, these companies executed transactions totaling Rs106 billion. The scheme was masterminded by Rab Nawaz and his brother Ahmed Nawaz, who exploited these shell companies to carry out illicit activities, causing substantial financial damage to the national economy.
Investigations revealed that Rs42 billion of the laundered amount was deposited as cash into commercial banks to obscure the illicit origins of the funds. Meanwhile, Rs85 billion was attributed to local sales declared under unregistered and unidentified individuals.
A deeper probe exposed significant over-invoicing during the import process. For instance, the actual cost of solar panels imported from China was 0.15 cents per watt. However, these were recorded as being imported at inflated rates ranging between $0.35 and $0.70 per watt, representing an over-invoicing margin of 235% to 500%.
In one striking example, the alleged owner of one of these fake companies—an individual earning just Rs250,000 annually—was shown to have imported solar panels worth Rs2.5 billion.
Further findings revealed that the illicit proceeds were funneled into four bank accounts in China controlled by Rab Nawaz. These Chinese accounts helped conceal the true export values of the solar panels, adding another layer of fraud to the operation.
Under the leadership of DG PCA Chaudhry Zulfiqar Ali and Director PCA South Shiraz Ahmed, Customs Post Clearance Audit teams have thoroughly investigated and exposed the depths of this criminal network.
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With special teams intensifying their efforts, the FBR remains resolute in its mission to bring the perpetrators to justice. The dismantling of this notorious money-laundering network marks a significant milestone in Pakistan’s fight against financial crimes.
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