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DG Intelligence detects money laundering cases worth Rs 2.2 billion during FY2016-17

DG Intelligence detects money laundering cases worth Rs 2.2 billion during FY2016-17

ISLAMABAD: Under the supervision of Director General Shaukat Ali, the Directorate General Customs Intelligence and Investigations unearthed money laundering cases of $21.9 million (Rs 2.2 billion) and registered first information reports against more than one and half dozen importers during the financial year 2016-17.

The first case of money laundering was detected against M/s Marush International in which an amount of $10 million was illegally transferred to the suppliers through seven Dubai based exchange companies.

The second FIR was registered against M/s Sundar Trading Company and M/s MMYZ Lahore, in which an estimated amount of $1.4 million was illegally transferred to the suppliers in Singapore and China through three Dubai based exchange companies.

The third FIR has registered against M/s Zeal Pak Cement. It was revealed that actual CIF value of the imported clinker was $32 per metric ton and that $405,192 had been paid in excess to what was declared to the Pakistan Customs.

M/s Kontel Technologies and Comprehensive Business International Lahore were also involved in money laundering as total amount paid for the imports was $3,050,866 out of which $2,889,755 had been transmitted to the exporter in US through illegal channels.

Likewise M/s Khurram Steel and M/s ICI Master also has been charged in money laundering cases of $7 million and $0.30 million.