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DG Customs Intelligence files money laundering case of $7m against six importers

DG Customs Intelligence files money laundering case of $7m against six importers

ISLAMABAD: Directorate General Customs Intelligence and investigation has finally framed the money laundering charges against six importers, M/s Dastagir Traders, Lahore,  M/s IC Master, Lahore,  M/s Mustafa Enterprises, Lahore,  M/s SBS Group of Companies, Lahore,  M/s Shahzad Traders, Lahore, and M/s World Fashion Textiles, Lahore.

A case has been filed with the Customs Special Court of Taxation and Anti-Smuggling. These importers were involved in smuggling of Indian origin grey cloth from dry ports of Lahore, by declaring the same as of Chinese origin and the practice was going on for the last four four years. Import of Indian grey cloth is banned in Pakistan.

The importers are involved in transferring a huge amounts of foreign exchange to India through United Arab Emirates. The estimated money laundering amount is US$7 million which is equal to Rs 750 million.

The Directorate General has also approached the Financial Monitoring Unit of the State Bank of Pakistan for purpose of money trail to India.

It is pertinent to mention here that during the first week of May 2017 the Directorate General Intelligence & Investigations Federal Board of revenue had been busted an organized group of comprising various importers involved in smuggling of banned Indian origin grey cloth into Pakistan and was intercepted 18 containers loaded with Indian cloths, en route from India to Lahore via Dubai.

During initial investigations it had been unearthed that the gang was involved in import of grey cloth from India to Dubai. The Indian cloths were cleared from Dubai Customs and after repacking, the banned item is re-shipped from Dubai to Lahore via Karachi. The false documents were presented that the cloths have been manufactured in China and shipped to Pakistan via Dubai.