The Federal Board of Revenue (FBR) has uncovered an enormous fraud amounting of Rs.970.7 million under the guise of Export Facilitation Scheme (EFS), involving two fraudulent companies that misused with EFS to import precious metal molds.
According to Shiraz Ahmad, director of Customs Post Clearance Audit (PCA) South, that fraudulent companies imported 47 containers of precious metal but falsely declared only 111 metric tons, while hiding the remaining 1,560 metric tons of goods.
One of the companies, MSMD Industries Private Limited, evaded Rs.490.9 million in taxes, while the second company, MS Deenar Industries Private Limited, avoided Rs.470.8 million.
The FBR has registered a First Information Report (FIR) against both companies, MSMD Industries Private Limited, NTN No. 8601763, Plot No. 78, 79, 90, 91 Block E, HITE Lasbela, Hub and MS Deenar Industries Private Limited, NTN No. 4437610, on the charge of evading duty/ taxes.
According to the Director Customs PCA, the both fraudulent companies are not listed on the FBR’s active registration list. Shiraz Ahmed said that PCA South has issued an alert to all export collectors and special teams have been set up to track down and arrest the culprits involved in the scam.
