The Potential of Microgrids in Modern Energy Landscapes
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Karachi: An audit by the Directorate of Post Clearance Audit (PCA) South exposed a Rs69.5 billion money laundering in solar panel imports.
An audit by PCA uncovered the money laundering in solar panel imports that highlighted the over-invoicing, totaling a shocking amount of PKR 69.5 billion. The audit also revealed the illegal outbound transfer of funds and the presence of black money in Pakistan. The perpetrators were importing solar panels at prices much higher than the market value per the audit. The illicit funds generated from the over-invoicing were also found to be laundered out of the country.
The National Accountability Bureau (NAB) and the Federal Board of Revenue (FBR) inspected the whole matter and took swift action against the fraud.
The over-invoicing and trade-based money laundering made it necessary for NAB to intervene in the case, hold the lawbreakers accountable for their illicit actions, and secure the economic integrity of the nation.
The State Bank of Pakistan also took action and requested federal ministries to compose a list of reputable solar panel importers who will continue their business without participating in any illegal activity. The operation has exploited the solar panel industry's duty- and tax-free import regime, facilitating trade-based money laundering.
Instances of fiscal fraud have been identified concerning imports orchestrated by entities that lack physical existence. This fraudulent activity encompasses manipulating shell companies' fictitious holders and using illicit funds to facilitate imports surpassing the authentic financial capacity of said proprietors or owners. One notable tactic involves the deliberate misdeclaration of the value of imported solar panels, allowing for the illicit transfer of funds out of Pakistan via over-invoicing. This practice has resulted in an alarming sum of Rs. 69.5 billion in such activities.
The FBR has requested the PCA South Directorate to conduct a sector-based audit of solar panel import and, if anything suspicious, take swift action against the illicit activity.
Microgrids are small energy generation and distributing systems that cover localized areas' needs. They are independent and energy efficient.
Karachi: An audit by the Directorate of Post Clearance Audit (PCA) South exposed a Rs69.5 billion money laundering in solar panel imports.
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