Faking documents, 4 companies smuggled Tk 382 crore: Intelligence

Customs Intelligence has discovered that four companies have fraudulently obtained commodities export licenses and smuggled Tk382 crore out of the country.

According to Mohammad Fakhrul Alam, Director General (DG) of the Customs Intelligence and Investigation Directorate (CIID), the enterprises did not return the foreign currency they received for the shipped goods.

According to the CIID, four companies are Sabiha Saiki Fashion, Asia Trading Corporation, Emu Trading Corporation, and Ilham Trading Corporation. These companies have exported various products including t-shirts, tops, ladies‍‍` dresses, trousers, baby sets, bags, polo shirts, jackets, pants, and hoodies to the United Arab Emirates, Malaysia, Singapore, Qatar, UK, Saudi Arabia and Nigeria.

The DG claimed that after receiving complaints about the shipment of items using forged paperwork, the inquiry turned up evidence of money laundering.

Referring to the information found in the investigation, he said that Sabiha Saiki Fashion exported 86 consignments of goods at different times. The exchange value of the products exported by them is Tk18.45 crore. On scrutiny of the documents of the consignments of the goods, it was found that the Export Permits (EXPs) issued by them were in the names of different companies.

A permit cannot be used for more than one export shipment. As a result, these EXPs are not functional. There is no opportunity to bring foreign currency back to the country in a legal way, Alam said.

According to the DG, the inquiry showed that three other companies, in addition to Sabiha Saiki Fashion, had also engaged in similar fraud for exporting goods.

"Such fraud has been carried out by four companies employing the identical methods in shipments of 1,780 items. 18,265 tonnes of commodities with a claimed worth of roughly Tk 382 crores have been shipped in relation to these shipments, according to Alam.

The following companies shipped goods: Sabiha Saiki Fashion Tk 21 crore, Asia Trading Corporation Tk 282 crore, Emu Trading Corporation Tk 62 crore, and Ilham Corporation Tk 17 crore.