KARACHI: With some reservations on the formation of six-member committee tasked to probe import and export of gold jewelry under scheme prescribed by SRO266(I)/2001, the Federal Board of Revenue (FBR) has been requested to re-constitute the committee by addressing reservation raised by Customs officer, Customs Today learnt.
The FBR, earlier this month, had constituted a 6-member committee to investigate the mega scam involving export of gold jewelry on fake and forged documents.
Collector Exports Karachi Saifuddin Junejo was heading the subject committee while Additional Collectors Ashir Azeem, Tahir Qureshi, Farrukh Sahhad, Raza were members and Deputy Collector Muhamad Rizwan was secretary.
The Committee was tasked to determine all the illegalities in the import and export of gold jewelry under the scheme prescribed by SRO 266(I)/2001.
While talking to Customs Today, Chief Collector Enforcement South Zahid Khokhar said that a member of that committee from internal audit raised an objection and requested to address the issue.
“After, the objection, I forwarded a letter to the Federal Board of Revenue asking them to re-constitute and correct the formation of the committee so that the same could initiate investigations into the mega scams of gold jewelry import and export”, Zahid Khokkhar added.
According to sources, Model Customs Collectorate of Export (Port Qasim) recently registered five cases against gold exporters, who were allegedly involved in yellow metal exports worth $214.9 million on fake Form-Es. These exporters had shipped the precious metal on fake Form-E, bringing loss of around $ 214.9 million to the national exchequer.
These exporters, according to sources, used names of five fake companies – M/s Rubab Corporation, M/s B D Enterprises, M/s Reaz Corporation, M/s Sani Impex and M/s Makkah Enterprises. And, the exporters exported gold worth $214.9 million in the name of these companies on fake Form-Es and added that gold worth $24.3 million was exported on M/s Rubab Corporation, $80.2 million on M/s B.D Enterprises, $62.8 million on M/s Reaz Corporation, $21.7 million on M/s Sani Impex and $25.9 million worth gold was exported on M/s Makkah Enterprises under fake Form-E.
Moreover, sources said these exporters had misused Entrustment Scheme prescribed by SRO 266(I)/2001 in connivance with the Deputy Director of Trade Development Authority of Pakistan (TDAP) and availed 80 percent tax exemptions on gold imports during 2011-13 and then gold worth $214.9 million was exported to Dubai by these fake companies under bogus Form-E, which corroborated massive outflow of black money during the said period.
The chief collector, Zahid Khokhar, further added that those involved in the mega scam of gold jewelry had been arrested while investigations were underway to trace out the big fish.
