Staff Reporter :
Customs Intelligence and Investigation Directorate (CIID) on Thursday filed a case against Galaxy Sweaters and Yarn Dying Ltd on charge of Tk 65 crore Customs hoax.
Galaxy Sweaters and Yarn Dying Ltd, is an export oriented bonded organization located at Tangi, Gazipur. It had misused bonded facility and showed excess export figure.
Based on information, CIID inspected the raw materials inventory and found excessive raw materials of 14-category weighing 23,296 tonnes.
Galaxy Sweaters and Yarn Dying Ltd traded their excessive raw materials in the local market for earning extra bucks.
Raw materials like yarn, dice chemical, PP grains, paper, thinner, industrial salt, BAPP, HDP, Adhesive tape, Duplex board and LLDP were imported under bonded facility and traded in the local market worth of Tk 211 crore. With hoaxed amount of Tk 65 crore, the total price of the raw materials was Tk 276 crore.
The Government provides bonded facility to the country’s export oriented manufacturers to manufacture products and export. But some fraud business organisations are misusing such facility and importing excessive raw materials under bond facility and trading those in the local market for making extra profit.
As a result, the government is not only losing revenue, local traders and importers are facing uneven competition in the market.
CIID is keen to prevent such misuse of bond facility and punish them who do so. Misuse of bond facility cases may result in license cancellation, recovery of hoaxed customs and financial penalty of doubled hoaxed customs.
Customs Intelligence and Investigation Directorate (CIID) on Thursday filed a case against Galaxy Sweaters and Yarn Dying Ltd on charge of Tk 65 crore Customs hoax.
Galaxy Sweaters and Yarn Dying Ltd, is an export oriented bonded organization located at Tangi, Gazipur. It had misused bonded facility and showed excess export figure.
Based on information, CIID inspected the raw materials inventory and found excessive raw materials of 14-category weighing 23,296 tonnes.
Galaxy Sweaters and Yarn Dying Ltd traded their excessive raw materials in the local market for earning extra bucks.
Raw materials like yarn, dice chemical, PP grains, paper, thinner, industrial salt, BAPP, HDP, Adhesive tape, Duplex board and LLDP were imported under bonded facility and traded in the local market worth of Tk 211 crore. With hoaxed amount of Tk 65 crore, the total price of the raw materials was Tk 276 crore.
The Government provides bonded facility to the country’s export oriented manufacturers to manufacture products and export. But some fraud business organisations are misusing such facility and importing excessive raw materials under bond facility and trading those in the local market for making extra profit.
As a result, the government is not only losing revenue, local traders and importers are facing uneven competition in the market.
CIID is keen to prevent such misuse of bond facility and punish them who do so. Misuse of bond facility cases may result in license cancellation, recovery of hoaxed customs and financial penalty of doubled hoaxed customs.
