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Home / Islamabad / Money laundering: Court allows I&I to start probe against M/s Sundar Trading, M/s Kontel Technologies
Money laundering: Court allows I&I to start probe against M/s Sundar Trading, M/s Kontel Technologies

Money laundering: Court allows I&I to start probe against M/s Sundar Trading, M/s Kontel Technologies

ISLAMABAD: Special Customs Court has allowed Directorate General Customs Intelligence and Investigation to initiate  investigations against two companies, M/s Sunder Trading Company, M/s Kontel Technologies and M/s Comprehensive Business International Lahore on the charges of money laundering amounting to $4.2 million.

It is pertinent to mention here that Directorate General Customs Intelligence and Investigations detected the cases of money laundering against M/s Sunder Trading and M/s Kontel Technologies in March 2017 and under Section 21 of Anti Money Laundering Act.

Customs I&I filed the petition before the Special Customs Court to initiate further investigations against the both companies of which now court has been accepted. According to details M/s Sunder Trading was imported thirty consignment of surveying equipment from Singapore and China and cleared on nominal declared value.

Invoices submitted to Singapore customs relating to the three seized consignments were retrieved in the first instance and the remaining evidence of under invoicing and money laundering was uncovered through a raid.

An amount of estimated $1.4 million was illegally transferred to the suppliers in Singapore and China through three Dubai based exchange companies. Likewise M/S Kontel Gross under-invoicing on import of water purification and reverse osmosis membranes etc committed, while other original evidence customs export documents were retrieved from the United States.

Total amount paid for the imports was $ 3,050,866 out of which $2,889,755 has been transmitted to the exporter in the US through illegal channels.