Model Customs Collectorate (MCC), Export, Karachi has unearthed another money laundering case through fake manual Form-E for rice exports. According to details, the exporters namely M/s Fine Products Enterprises M/s Kazi Corporation, International Cargo Leaders (Pvt) Ltd and M/s E Shippers submitted Goods Declaration for export of unprocessed PK-386 rice, super Basmati rice and 1121 Pakistani rice against manual E-Forms, valuing US$1719750.
On suspicion, the MCC, Export has sent all E-Forms submitted by these exporters along with GDs to the issuing bank for verification. The bank has later declared the E-Forms as fake, saying that these E-Forms have not been issued by the bank and the stamps affixed on these forms and the signature thereon did not match with specimen signature/stamps available with the bank. Resultantly, the veracity of these E-Forms is declined.
Meanwhile, MCC exports was of the view that these exporters by submitting fake E-Forms made an attempt to avoid paying 0.25 percent Export Development Surcharge (EDS) besides using exports documents of the said consignments to launder millions of dollars. Moreover, it said that this illicit activity had caused non-realization of foreign exchange into the country. The Collectorate has lodged two FIRs against the exporters, clearing agents and the facilitator. Further investigation is in progress.
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