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

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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.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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