ISLAMABAD: In a major crackdown, the Federal Board of Revenue (FBR) has imposed fines totaling Rs111 billion on 13 fake import companies involved in large-scale money laundering under the guise of solar panel imports.

The action follows an in-depth investigation led by the Director of Customs Post Clearance Audit, which revealed that these companies were using solar panel imports as a front to illegally transfer billions of rupees abroad.

According to officials, the fraudulent firms manipulated import data and evaded taxes, causing massive losses to the national exchequer.

According to the FBR, fake companies showed imports of solar panels and transferred Rs 120 billion from the country and a network of fraudulent companies deposited Rs 140 billion on fake papers in the bank.

13 counterfeit companies are from Peshawar, Quetta and Islamabad, while solar panels comprising 327 containers are located at various ports of Karachi.

The government is expected to generate Rs1.5 billion in revenue from the auction of assets seized from the 13 fake companies involved in money laundering under the cover of solar panel imports.