ISLAMABAD: A Senate Treasury subcommittee has been apprised of an alleged multi-billion-rupee solar import scam involving suspicious foreign fund transfers, over-invoicing, and questionable banking transactions. The investigation, detailed by Federal Board of Revenue (FBR) officials, points to a network of companies allegedly manipulating payment routes and inflating invoices to channel funds abroad.
According to the briefing, while solar products were officially imported from China, payments were allegedly diverted to accounts in at least ten other countries—a practice FBR officials described as illegal. The total amount funneled to these foreign accounts exceeds Rs18 billion. Officials further noted that similar third-country payment schemes had been previously detected in oil import deals, indicating a broader pattern of financial misdirection.
Among the irregularities, FBR officials identified 80 companies allegedly involved in suspicious activities. Out of these, 63 firms were accused of over-invoicing, accounting for transactions worth nearly Rs69 billion. The investigation has already led to 13 First Information Reports (FIRs) being registered, with findings revealing that several companies used dummy firms to conceal their activities.
One of the most striking cases involved Smart Impact, a company with a declared capitalization of just Rs2,000. Despite this, it allegedly deposited over Rs1.54 billion in cash and conducted transactions totaling Rs3.39 billion. FBR officials claimed that Habib Metropolitan Bank was the financial institution handling these transactions.
“The figures are alarming. A company with such a minimal declared worth should not be capable of conducting transactions in the billions,” stated Senator Aziz. “We will summon representatives from Habib Metropolitan Bank in our next meeting to investigate their alleged role in facilitating these transactions.”
As the investigation deepens, the Senate subcommittee’s findings highlight the urgent need for stricter financial oversight and better compliance protocols. The forthcoming inquiry into Habib Metropolitan Bank is expected to shed more light on the extent of these alleged practices and the measures needed to prevent similar incidents in the future.