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.
