They said that this syndicate has adopted a novel modus operandi for the purpose. They said the phony consignments of Palm Kernel Cake (HS Code 2306.6000) in the name of Mehta Brothers (Pvt) Ltd and Total Nutrition were imported from Winwill Industries, Malaysia, to remit huge foreign exchange.
They said that these two companies had negotiated with the said exporting firm by opening Letters of Credit in its favour through two prominent banks and had managed to ship some 100 containers in three consignments from Malaysia. However, the consignor did not load declared quantity of the goods in these containers.
They said that this was deliberately done, aimed at remitting huge foreign exchange through authorised channel besides evading duty and taxes. They said that the banks have reportedly remitted $246,810 to the exporting firm against such dubious imports, providing severe financial shocks to the foreign reserves.
They said the shipper declared some 26,000 kg (gross) weight in each container, whereas out of 100 containers, 90 containers of Palm Kernel Cake were reportedly empty. Sources further said the actual weight of these consignments is 200 MT as against the declared weight of 2598 MT.
They further said the importers seem to be not interested in filing of GD to clear consignments as no Goods Declaration (GD) of the subject consignments have been filed yet and the same are still lying un-cleared at Karachi International Container Terminal (KICT), West Wharf.
They said the DGI&I has asked the Federal Board of Revenue (FBR) to grant notified power in the relevant laws regarding money laundering or the case may be referred to FIA for further proceedings. They said that the importers are required to pay duty and taxes on the declared consignments as per section 27(3) of the Customs Act, 1969 and added that DGI&I has also requested the headquarters to get approval from the board to examine these consignments to ascertain the evaded duty and taxes.