The Customs Export Collectorate has claimed that it has unearthed embezzlement worth a whopping Rs644.2 million in duties and taxes through the misuse of the Export Facilitation Scheme.
As per Customs Export Collector Irfan Javed, the embezzlement has been uncovered on the basis of credible information that a company named M/s AK Brothers was misusing the scheme by selling imported raw materials in the local market at inflated prices instead of using them for manufacturing export products.
Acting on the tip-off, a team of customs officials was tasked to verify the data related to consignments imported under the scheme.
During their investigation, the officials discovered that the company had been allocated quotas for various fabrics, including cotton fabric, ladies' polyester fabric, knitted fabric, and pile fabric.
Subsequently, a raiding team comprising the deputy collector customs, the principal appraiser, and an appraising officer found out that the raw materials imported under the Export Facilitation Scheme in 2021 were missing from the manufacturing bond.
An employee of the company presented a letter claiming that the stock had been transferred to Lahore. However, the Export Facilitation Scheme regulations clearly state that the transfer of imported raw materials from one location to another must be notified to the Customs Department in accordance with the declared manufacturing facility. The violation was deemed deliberate. As a result, the department registered a case and arrested Afsar Inam, the owner of the company.
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