Pakistan investigates PKR 176 billion solar import irregularities

The Senate Standing Committee on Finance and Revenue in Islamabad, chaired by Senator Mohsin Aziz, has ordered an audit of all solar panel imports since 2018. This action follows the discovery of financial irregularities involving Bright Star Business, Moonlight Traders, Dubai Islamic Bank, and Askari Bank (both Lahore branches). The committee identified PKR 70 billion (~ $251.2 million) in under- and over-invoicing and PKR 106 billion in cash-based suspicious transactions between 2018 and 2022. The FMU and FBR reported PKR 46 billion in suspicious transactions, raising money laundering concerns.  Askari Bank and Dubai Islamic Bank were fined PKR 40 million and PKR 27 million, respectively, for reporting failures. The committee recommended stricter monitoring, comprehensive audits, and investigations into negligent banks to resolve outstanding issues.