Islamabad: Money laundering of billions of rupees under the guise of solar panels has been revealed from the country. FBR officials said that overinvoicing of Rs69.5 billion has been done between 2017 and 2025.
While the Deputy Governor of the State Bank said that banks have been fined more than Rs200 million.
The issue of money laundering of billions of rupees under the guise of solar panels was reviewed in the sub-committee meeting of the Senate Standing Committee on Finance.
Solar panels were ordered from China while payments were made in ten other countries including the US, Singapore, and the United Arab Emirates. Sending money to other countries instead of China is an illegal act.
According to the FBR, 13 FIRs have been registered so far regarding overinvoicing. Mohsin Aziz said that the entire matter will be investigated and a report will be compiled. The State Bank has not yet given the report.
