Ten companies launder Tk 3b under cover of RMG export

Ten readymade garments exporting companies have laundered nearly Tk 3 billion under the cover of RMG export, according to a press release of Customs Intelligence and Investigation Directorate.

It said the ten companies are: Progga Fashion Ltdm, Fashion Trade, MDS Fashion, Hongkong Fashions Limited, Three-Star Trading, Fortune Fashion, Anupom Fashion Wear Limited, Pixie Knitwear Limited, Stylize BD Ltd and Eden Style Tex.

Consignment of items are being exported abroad through an export manipulation in an innovative way through the Chattogram port, but the foreign currency of that export is not being sent to the country.

Under such circumstances, Customs Intelligence and Investigation Directorate conducted an investigation and confirmed the incident of money laundering.

These agencies have exported using the EXP of other agencies by forging the bill of exports. They have used the sample code 20 in the column 24 of the bill of export. In this case, the money from these exports was laundered abroad instead of coming to the country.

The press release said the Customs Intelligence and Investigation Directorate have unraveled several cases of exports using the EXP and codes of other companies recently.

The VAT Audit, Intelligence and Investigation Directorate said that they have found evidence of 10 exporting agencies taking resort to such forgeries during exporting a total of 1,234 consignments.  A total of 9,121 tonnes of products were exported in these 1,234 consignments, which worth USD 35.36 million in total.

The VAT intelligence has analysed the relevant documents and found evidence that these exporting agencies have laundered money by forging documents showing that they have exported various products including t-shirt, tops, women’s wear, trouser, baby set and polo shirt to countries, including UAE, Malaysia, Qatar, Saudi Arab and Nigeria.

The 10 exporting agencies laundered a large sum of money by using code 20 in the type of export option.

Speaking to Prothom Alo, VAT Audit, Intelligence and Investigation Directorate director general Fakhrul Alam said legal proceedings are underway against. None of the launderers would be spared, he added.

The Customs Intelligence and Investigation Directorate further said in the press release that they found inconsistencies in the information provided in the bill export and EXPs of these exporting agencies.

Besides, information collected from the Southeast Bank, the name being mentioned in the bill of export, show none of the 10 organisations are entitled to a lien on the bank. Since Southeast Bank is not involved with the business transactions of any of the organisations, there is no scope of export income, mentioned in the bill of export, to be remitted through the bank.