Karachi: Cash laundering of 73 billion rupees and over-invoicing of 38 billion rupees has been revealed underneath the guise of importing photo voltaic panels within the nation.
Sources instructed Specific that fictitious firms M/s Brightstar Enterprise Options Pvt Ltd and M/s Moonlight Merchants imported photo voltaic panels value Rs 35 billion from China and transferred black cash of Rs 73 billion overseas by over invoicing.
In keeping with the sources, these firms later confirmed the sale of photo voltaic panels value Rs 73 billion within the native marketplace for Rs 46 billion. are
Sources stated that severe violations and irregularities have been revealed throughout the audit of the photo voltaic panels imported by the 2 fictitious firms by which the unlawful switch of 73 billion rupees was made by displaying the surplus worth of the imported photo voltaic consignments.
Throughout the post-clearance audit, it was revealed that the audit of M/s Brightstar Enterprise Options (Pvt) Ltd and Moonlight Merchants had imported from China throughout 2017 to 2022, overstating the import worth of 2900 consignments of photo voltaic panels by over Rs 38 billion. The surplus was overinvoiced.
Sources stated that the audit workforce scrutinized the gross sales tax data of the importers to additional confirm the import value, which confirmed that the precise value per watt of the imported photo voltaic panels was a lot larger than the worth proven within the items declaration.
Sources stated Brightstar reported imports of photo voltaic panels value Rs 47.6 billion, whereas Moonlight reported imports of Rs 25.4 billion.
In keeping with sources, each Brightstar and Moonlight merchants are dummy firms because the earnings tax returns present that they didn’t have the required white cash.
The investigation additionally revealed that there are shut hyperlinks between the 2 firms as financial institution statements present the switch of cash between these two importers. The workplaces of each the importers are positioned in the identical constructing at Dean Commerce Middle Peshawar Cantt.
These importers transferred 73 billion rupees from Pakistan overseas whereas their very own worth was 11 crore rupees. In keeping with the directorate, the gross sales tax data of the 2 fictitious firms present that their declared import values are Rs 73 billion however home gross sales of photo voltaic panels are Rs 46 billion.
This clearly signifies that over-valued invoices have been proven to misrepresent the import worth within the items declaration.
Sources stated that the directorate has registered instances towards the stated firms and shaped investigation groups to arrest the administrators.