The Directorate of Customs Post Clearance Audit has validated the allegations of large-scale money laundering involving 13 companies that imported solar panels.
The Customs Adjudication Collectorate imposed a massive penalty of Rs111 billion on these companies for bringing in fake solar panel shipments. According to Shiraz Ahmed, Director Post Clearance Audit Karachi, the decision was issued by Deputy Collector Dr Iram Zahra.
Documents reveal that 13 fake importing companies falsely declared solar panel imports worth Rs1.2 trillion to transfer money abroad. Meanwhile, Rs1.4 trillion was deposited into their bank accounts, of which Rs45 billion was deposited in cash.
The adjudication ruling confirmed that these companies did not physically exist and only remained on paper. In their sales tax returns, they reported fake local sales of Rs85 billion under names of fictitious buyers.
As per official record, the fined companies included Bright Star Business Solution, Peshawar (Rs53 billion), Moonlight Traders, Peshawar (Rs21 billion), Smart Impex, Quetta (Rs1.4 billion), Ehsan Importer & Exporter, Quetta (Rs2 billion), Asadullah Enterprises, Quetta (Rs1 billion), SH Traders (Rs1.2 billion), Delta Trading Company, Islamabad (Rs2.6 billion), Sehar International (Rs1.7 billion), Sky Linker Business Chain (Rs2 billion), Sky Linkers Trading Company (Rs8.6 billion), Pak Electronics (Rs500 million), Royal Zone (Rs16 billion) and Solar Site (Rs7.7 billion).
The ruling stated that the accused involved in money laundering did not appear to defend their case, and therefore, an additional fine of Rs45 million was imposed on 45 individuals. Moreover, 327 containers of solar panels imported by Solar Site Pvt Ltd are currently held at Karachi ports. These consignments have been seized and will be auctioned to recover Rs1.5 billion in revenue.
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