Connect with us

Business

FBR finds money laundering in solar panel imports of Rs69.5 billion.

Published

6 months ago

on

According to the comprehensive study by the Federal Bureau of Investigation, two significant corporations were involved in the purported outflow of an astounding amount of Rs72.83 billion from Pakistan.

The firms in issue reportedly imported solar panels from China, with noticeably inflated amounts shown on the official invoices. There are concerns about possible illegal financial activity after the money from these transactions was allegedly transferred to accounts in Singapore and the United Arab Emirates.

63 shipments had over-invoiced amounts, purportedly on behalf of importers, according to the probe. For each of these importing companies, a first information report has been registered. These businesses reportedly brought in solar panels valued at Rs. 72.83 billion, which they then sold for Rs. 45.61 billion.

The offices of these two companies, which were meant to be housed in the same building in Peshawar, were nonexistent, as the FBR’s investigating team shockingly discovered. Even more confusing the trail of the illegal activities were the fictitious addresses utilized for official papers.

Concerns were also raised by the income tax records of these corporations, which showed that the entities were fraudulent and had successfully embezzled Rs. 20.4 billion illegally. Against the two import companies concerned, formal complaints have been filed in response to these results.

Nonetheless, a few days ago, in Ahmedpur Sial tehsil of Jhang, a huge fraud scheme worth billions of rupees was discovered. Here, gullible residents and business owners were duped into falling for a gigantic solar panel scam.

Particularly for individuals who invested in solar energy solutions to offset their skyrocketing electricity bills, the scandal resulted in significant financial losses.

The scam, which has reportedly cost between Rs2 and Rs2.5 billion in Ahmedpur Sial alone, has severely damaged the afflicted residents, who say it has hurt them greatly. According to the victims, there may have been as much as Rs14–15 billion in fraud committed in Punjab overall.

Claiming to have started trading in solar energy after receiving large electricity bills, traders collected advance payments from customers without receiving any material. As the primary suspect in the scheme fled, the situation became even more grave for the local investors and store owners.

Today, Ahmedpur Sial’s business community is fighting to survive since their investments are gone and no items are being provided. One storekeeper bemoaned, “It has become difficult for us to continue our business,” and bemoaned the lack of attention paid to their predicament.

The chief minister of Punjab is currently being urged by the victims to act quickly. A high-level committee to look into the scam in detail and make sure the perpetrators are apprehended right away has been urged. Parties impacted expect that this will result in the return of their stolen money and the prosecution of those responsible.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

2 days ago

on

By

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

Continue Reading

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

on

By

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Continue Reading

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

2 weeks ago

on

By

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

Continue Reading

Trending