The Federal Board of Revenue (FBR) has unearthed the biggest ‘trade-based’ money laundering and under-invoicing scandal in Pakistan, ARY News reported on Thursday.
The Federal Board of Revenue (FBR) lodged a case against two companies in Peshawar after unearthing a massive money laundering worth Rs47 billion following a thorough investigation by the auditors.
According to FBR’s report, the transfer of money was declared a ‘trade-based money laundering’.
The report stated that the companies caused a mammoth financial loss to the national exchequer worth Rs25 billion allegedly through under-invoicing. The money laundering and under-invoicing were committed in the name of solar panels.
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In the First Information Report (FIR), owners of two companies, Moon Light Traders and Bright Star, were nominated. The FBR report stated that the Bright Star Company was involved in under-invoicing in the GD in 2013, whereas, auditors caught the records of 705 GDs of the Moon Light Traders.
It also revealed that the companies continued laundering money from 2017 to 2022. The trade-based money laundering and under-invoicing report was…
