The Directorate of Customs Post Clearance Audit (PCA) South has uncovered a Rs106 billion ($375 million) money laundering scheme disguised as solar panel imports. The alleged masterminds, brothers Rab Nawaz and Ahmed Nawaz, reportedly used over-invoicing, seven shell companies in Peshawar and Lahore, and dual transactions to launder billions.
The investigation revealed that the shell companies, valued at just Rs119 million collectively, inflated solar panel prices up to 500%. Panels imported at $0.15 per watt were invoiced at $0.35-$0.70 per watt. Additionally, Rs42 billion was deposited in commercial banks to conceal the illicit funds.
Among the implicated firms are Messrs Sky Linkers Trading Company, Bright Star Business Solution, and Solar Site (Private) Limited. The Federal Board of Revenue (FBR) continues to probe the scam to trace the funds and hold the culprits accountable.
