• 80 companies implicated in Rs110bn money laundering scandal, Senate panel told
• SBP censured for its lack of cooperation in providing relevant data

ISLAMABAD: Startling revelations continued to unfold on Thursday before a Senate panel that confirmed more than Rs110 billion of fraud and money laundering in the garb of solar imports by more than 80 companies, some of which were found to be dummy entities.

The sub-committee of the Senate Standing Committee on Finance, led by Senator Mohsin Aziz, vowed to continue its investigation into the scandal and hold all those responsible accountable. The committee also criticised the State Bank of Pakistan (SBP) for its lack of cooperation in providing relevant data.

Officials from the Federal Board of Revenue (FBR) made key revelations of over-invoicing and trade-based money laundering through the import of solar panels. In one case, the FBR revealed that the owner of a particular company that imported solar panels falsely portrayed himself as a........

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