KARACHI: The primary suspect in the solar panel import scam was taken into custody in Karachi. Rub Nawaz, the main suspect in the scheme involving billions of rupees, has been taken into custody, according to investigators.
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“Rub Nawaz attempted to obtain bail prior to his apprehension while hiding in Karachi’s Customs Court for multiple hours,” officials disclosed. Even after the judge left the court, he stayed there for several hours, according to officials. Officials stated that “the investigation into the solar panel import scandal will move forward with the accused’s arrest.”
Authorities claim that taxes on solar panel imports of more than Rs 73 billion were avoided. “450 companies’ records for solar panel imports were examined, and 63 of those companies were found to have overbilled for imports. In the past, it was discovered that there was over-invoicing of Rs 69.5 billion for solar panel imports between 2017 and 2022.
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The FBR audit states that although solar panels worth Rs 45 billion were imported, a distinct pattern of over-invoicing was found on 6,232 Goods Declarations (GDs) from 63 importers, and Rs 72 billion was transferred from two private entities.
Chairman FBR briefed the Senate standing committee on finance on the over-invoicing issue. Due to the commercial banks’ transgression of the financial monitoring unit’s regulations in executing the transfer, a formal complaint has been filed against those responsible.