KARACHI: A major financial fraud and money laundering operation has been uncovered by the Cus-toms Department within the Export Finance Scheme (EFS), involving millions of rupees in tax evasion and illegal transactions, media reported.
According to reports, the fraud was discovered through a post-customs clearance audit, which re-vealed that the company Fazal Rabi Enterprises had been involved in fraudulent activities, draining off huge amounts from the national treasury.
According to the Deputy Director of Customs, Shiraz Ahmed, the company had used fake addresses in Karachi and Hub, where it had never actually conducted business. Investigations revealed that the company’s registration profile contained a fake National Tax Number (NTN) with a fraudulent address.
Despite being registered with bogus information in Karachi, the company fraudulently obtained EFS facilities from the Gwadar Customs Collectorate.
Customs data further exposed that the fake company, operating under a false user profile, had never conducted exports, despite having secured permissions for the same. The company managed to illegally import goods worth Rs208 million, evading taxes and duties in the process. As a result, Rs140 million in tax duties were stolen through fraudulent transactions.
Additionally, investigations found that the illegal funds, totalling Rs208 million, were transferred abroad, further complicating the case.
The Customs department has initiated strict actions against the fraud and is continuing its investigation into the matter. –Agencies
