KARACHI: Directorate of Customs Intelligence and Investigation (I&I) has registered an FIR against Farhan Raiq of M/s S.N International for fiscal fraud by electronically filing false and forged import documents and misusing the EIF to declare significantly lower values than those at which goods were sold for export to Pakistan and then remitting the foreign exchange acquired from higher sale proceeds through illegal channels by way of money laundering.
According to the details, after instructions from Director General Customs Intelligence and Investigation (I&I)i has already exposed a major smuggling racket involving the import of solar panels at grossly undervalued prices and the illegal transfer of foreign exchange through money laundering.
Post Clearance Audit (PCA) South detected that solar panel importers have engaged in a large-scale over-invoicing / trade-based money laundering operation.
The PCA South also conducted audit of solar panel importers, uncovering over-invoicing at the import money transfers out of the country, raising concerns about illicit financial activities.
