KARACHI: An importer of CNG compressor is reported cheated the customs authorities by presenting invalid financial instruments against liabilities. According to details, M/s. Al-Rehmand CNG, Faisalabad, imported a consignment of CNG Compressor from UK on May 5, 2011 and filed a goods declaration on next day through clearing agent M/s Xact Logistics, Karachi claiming the benefit of exemption of Customs duty in terms of SRO575(I)/2006 dated June 05, 2006. On scrutiny of the documents, the OGRA Licence furnished by the importer found expired as such the benefit of exemption of Customs duty was not found admissible. However, the aforesaid imported goods were released provisionally under Section 81 of the Customs Act, 1969 pending production of a valid OGRA Licence within three months against an Indemnity Bond and securing the differential amount of duty and taxes in the shape of post dated cheque duly endorsed by the bank as Ã¢â‚¬Ëœgood for paymentÃ¢â‚¬â„¢. Subsequently, the provisional assessment was finalised and the subject PDC amount to Rs1.965 million furnished by the importer at the time of provisional assessment was sent to concerned Bank, MCB Bank Limited, Madina Town Branch, Faisalabad for encashment. However, the post dated cheque was dishonoured by the bank with remarks: Ã¢â‚¬Å“Funds Insufficient.Ã¢â‚¬Â The customs authorities concluded that the importer deliberately and fraudulently in association with the authorised customs clearing agent had attempted to defraud the national exchequer from legitimate revenue to the tune of Rs1.965 million by submitting invalid financial banking instrument. The customs authorities said that FIR, therefore, lodged accordingly and investigation were being initiated in the matter.