KARACHI: In a first of its kind case, the Customs Intelligence Karachi has exposed a massive money laundering scheme involving Rs.3 billion worth of steel bars that were smuggled from Hyderabad to Karachi and used in a construction project. The scheme involved placement, mingling, layering and integration of the proceeds of crime in the economy of the country.
According to the details, M/s HSJ ICON, a steel importer, had fraudulently cleared steel bars through Hyderabad Customs Collector-ate by evading duties and taxes. The payable duties, taxes and fine amounted to Rs 3.5 billion. An FIR was registered in the said formation of Customs, however no recovery could be made till to date.
The Director General of Customs Intelligence, Mr Faiz Chadhar, passed on credible information to the Director of Customs Intelligence Karachi, Engineer Habib, about the use of the proceeds of crime amounting to Rs 3.5 billion in some construction project in Karachi.
A team led by Mr Saud Khan, Assistant Director of Customs Intelligence Karachi, and supervised by Additional Director Afzaal Wattoo, succeeded in tracing out M/s HSJ Builders, which was a sister concern of the fraudulent and accused company M/s HSJ ICON. This builder company had used the fraudulently removed steel from Hyderabad Collectorate in construction of a project in Karachi.
Customs Intelligence Karachi has lodged an FIR on 27.10.2023 against the culprits involved in the money laundering scheme and initiated legal action against them. The case has been termed as a unique and unprecedented detection of money laundering by the Customs Intelligence Karachi.