KARACHI: Directorate General of Customs Intelligence and Investigation (I&I) has detected another case of heavy under invoicing at Port Qasim.
According to the details, M/s Zeal Pak Cement Factory has imported 86,531 metric tons of Portland clinker and was in the process of clearing the aforesaid imported Portland clinker through four Goods Declarations.
A large part of the goods has been cleared on the basis of the value declared by the importer. In the meantime, the Directorate General of Customs Intelligence and Investigation (I&I) received information to the effect that the goods had been heavily under-invoiced.
The remaining part of the consignment was seized. In order to ascertain the actual transaction value of the Clinker, Directorate General of Customs Intelligence and Investigation (I&I) approached the Iranian Customs through Embassy of Pakistan in Tehran and was able to get hold of the original export documents on which the actual transaction value of the imported goods had been declared.
It surfaced that the actual transaction value of the goods was US$3,618,921 whereas M/s Zeal Pak Cement Factory has declared only US$1,707,431 to Pakistan Customs and had suppressed US$ 1,911,490 by way of fabricating false invoices and other import documents.
The amount of the evaded government revenue on the impugned goods works out to Rs 47 million. In is apparent that M/s Zeal Pak Cement Factory had sent an amount of US$1,911, and 490 to Iran through illegal/non I banking/hundi channel has indulged in money laundering beside evading legitimate government revenue of Rs 47 million and submitting false/fabricated documents to banks as well as Customs.
An FIR has been lodged against the fraudulent importer. Past imports by the company are also been investigated and significant revelations regarding money laundering and theft of the government revenue are likely to surface.
