HabibMetro Bank accused of misconduct in solar panels import

The Federal Board of Revenue (FBR) has identified 80 companies as suspicious due to their purported involvement in corruption related to solar panel imports.

An FBR representative provided an update to the Senate Standing Committee on Finance’s Subcommittee, which had previously mandated a comprehensive audit of all solar panel imports dating back to 2018.

During the briefing on the solar import scandal, another issue emerged concerning the Smart Impact company and Habib Metropolitan Bank.

The committee was informed that the valuation of Smart Impact was merely Rs2000, yet it engaged in transactions amounting to billions of rupees.

According to Senator Mohsin Aziz, the company deposited over Rs1.54 billion in Habib Metropolitan Bank, contributing to a total deposit of Rs3.39 billion.

Senator Mohsin has instructed HabibMetro Bank to investigate the corruption linked to Smart Impact.

Read more: FBR uncovers Rs106 billion money laundering scandal in import of solar panels

In a prior meeting in January, the Senate subcommittee on finance was informed that 11 companies were implicated in solar panel transactions totaling Rs160 billion, with Star Business Solution and Moonlight from Peshawar being the most significantly involved.

In the latest session, the FBR representative reported that approximately 63 of the shortlisted companies were found to be engaged in over-invoicing, with suspicious transactions amounting to Rs69 billion related to solar panel imports.

The Senate Finance Subcommittee, chaired by Senator Mohsin Aziz, was informed that the tax authority has filed 13 FIRs concerning over-invoicing to date.

Additionally, the investigation into the earlier scandal uncovered that solar panel imports were conducted through a shell company, whose owner falsely claimed to be a salaried employee in the documentation.

FBR officials confirmed that the accused imported solar panels valued at Rs2.29 billion, while the fictitious entity reported sales exceeding Rs2.58 billion.

The inquiry also disclosed that the implicated companies transferred Rs117 billion for solar imports, with over-invoicing of Rs54 billion identified.