KARACHI, Aug 1: In one of the largest trade-based money laundering crackdowns in Pakistan’s history, the Directorate of Customs Post Clearance Audit has imposed fines totaling Rs111 billion on 13 fake companies involved in fraudulent solar panel imports.
According to Shiraz Ahmed, Director of Post Clearance Audit Karachi, the penalty was handed down by Deputy Collector Dr. Iram Zahra after it was confirmed that the companies declared bogus solar panel imports worth Rs1.2 trillion to illegally transfer funds abroad. These firms also received Rs1.4 trillion in their bank accounts, including Rs45 billion in cash deposits.
Investigations revealed the companies existed only on paper and had no physical operations. Sales tax returns filed by these entities also cited fake local sales worth Rs85 billion, using the names of fictitious buyers.
Key offenders include:
- Bright Star Business Solution, Peshawar – Rs53 billion
- Moonlight Traders, Peshawar – Rs21 billion
- Sky Linkers Trading Company – Rs8.6 billion
- Royal Zone – Rs16 billion
- Solar Site Pvt Ltd – Rs7.7 billion (327 containers seized at Karachi Port)
Other companies fined include Smart Impex, Ehsan Importer & Exporter, Asadullah Enterprises, SH Traders, Delta Trading Company, Sehar International, Sky Linker Business Chain, and Pak Electronics.
None of the accused appeared to contest the charges, resulting in an additional Rs45 million fine on 45 individuals. Customs has seized 327 containers belonging to Solar Site Pvt Ltd, which will be auctioned to recover Rs1.5 billion in revenue.
Story by Ehtesham Mufti
