ISLAMABAD, Feb 13 (EPI): The Senate Finance Subcommittee, chaired by Senator Mohsin Aziz, convened today to discuss the ongoing investigation into the solar panel import over-invocing. Key revelations surrounding the involvement of a dummy company in the import process were presented by Federal Board of Revenue (FBR) officials.<\/p>\n
Revelation of Dummy Company in Solar Import Scheme<\/strong><\/p>\n FBR officials revealed that the owner of one particular company, which was involved in the import of solar panels, falsely portrayed himself as a salaried individual in official documents. The company, identified as a dummy entity, imported solar panels worth around Rs 2.29 billion. It was also reported that this same company showed sales of solar panels amounting to more than Rs 2.58 billion.<\/p>\n Over-Invoicing and Suspicious Transactions<\/strong><\/p>\n The committee heard startling figures from the FBR, revealing that companies had transferred around Rs 106 billion for solar imports. A staggering Rs 69 billion worth of over-invoicing was detected during the investigation. In total, the FBR has identified 80 suspicious companies involved in the solar import scandal. Of these, 63 companies, accounting for Rs 69 billion in transactions, were flagged for over-invoicing.<\/p>\n FIRs Filed Against Over-Invoicing<\/strong><\/p>\n As a result of the over-invoicing findings, the FBR has filed 13 FIRs against the implicated companies. Further questioning revealed that several companies, such as Bright Star, Moonlight, Asadullah Enterprises, and Smart Impex, were involved in over-invocing.<\/p>\n Senator Mohsin Aziz demanded further clarification from Bank Alfalah on the solar import transactions of these companies, calling for transparency on the amounts transferred and the nature of their business activities.<\/p>\n Misuse of Identity Cards and Financial Fraud<\/strong><\/p>\n FBR officials disclosed alarming information about the misuse of identity cards. Several individuals were found to have deposited large sums of money under false pretenses. One individual had deposited Rs 14 million in Bank but later denied the transaction, while another claimed he had never seen such a large amount in his life.<\/p>\n The committee also revealed that Bright Star, a company heavily implicated in the issue, falsely claimed to have imported solar panels at high rates and sold them at lower rate in local market. FBR officials emphasized that Bright Star was a fake and bogus company involved in fraudulent solar import activities.<\/p>\n Illegal Transfer of Funds Abroad<\/strong><\/p>\n Further investigation uncovered that although solar panels were imported from China, the funds for these transactions were illegally transferred to ten other countries also. Over Rs 18 billion was sent to foreign countries, which needs further scrutiny.<\/p>\n Suspicious Transactions in Banks<\/strong><\/p>\n Representatives from Faisal Bank testified that Bright Star and Moonlight had made multiple transactions involving large sums. Bright Star had four transactions totaling Rs 185 million, all of which were cash deposits. Additionally, Moonlight had two transactions worth Rs 49 million. Following Faisal Bank had issued STR and regarding these suspicious dealings.<\/p>\n Smart Impax Company and Financial Anomalies<\/strong><\/p>\n In a striking revelation, the value of Smart Impact, another company under investigation, was reported to be only having paid up capital of Rs 2,000. Despite this, the company deposited over Rs 1.54 billion in cash, with total deposits amounting to Rs 3.39 billion.The Committee decided to hold further inquiries in the next committee meeting.<\/p>\n