Steel importers faced prosecution on charges of money laundering

KARACHI: The importer companies Hassan Steels, Steel Vision, Royal Impex, Zubair Steel, Cosmos Trading and Balochistan Engineering Works face prosecution on allegations of smuggling, money laundering etc.

The Directorate General of Intelligence & Investigations, FBR filed complaint before Special Customs, Excise and Taxation Court Karachi on March 15 alleging that accused in collusion with co-accused, names of who are to be ascertained generated and utilized  proceeds of crime by committing fiscal fraud through submission of tampered and fabricated false import documents and gross misdeclaration of the impugned goods causing un-authorized transfer of foreign exchange from Pakistan, smuggling of Pakistani owned goods to Export Processing Zone (KEPZ), evasion of duty and taxes.

The accused are booked under section 3 & 4 read with clauses (a), (d) & (e) of Section VI of Scehdule-I of Anti Money Laundering Act 2010.

Dozens of consignments are involved in the case.

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