KARACHI (Kashmir English): The Directorate of Customs Post Clearance Audit has massively fined 13 ghost companies involved in large-scale money laundering through fake solar panel imports.
The action came after the audit validated the allegations of money laundering against the companies.
The Customs Adjudication Collectorate imposed a massive penalty of Rs111 billion on these companies for bringing in fake solar panel shipments.
According to Director Post Clearance Audit Karachi, Shiraz Ahmed, the decision was issued by Deputy Collector Dr Iram Zahra.
False solar panel imports worth Rs1.2 trillion
The documents revealed that 13 fake importing companies falsely declared solar panel imports worth Rs1.2 trillion to transfer money abroad. Rs1.4 trillion were deposited into their bank accounts, of which Rs45 billion was deposited in cash.
The adjudication ruling confirmed that these companies don’t physically exist and only remained on paper.
In their sales tax returns, these bogus companies reported fake local sales to the tune 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).
According to the ruling, the accused involved in the money laundering did not appear to defend their case even, 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, according to the media reports.
