Karachi: The Directorate Customs Post Clearance Audit South has uncovered a significant fraud amounting to millions of rupees in the export finance scheme during a recent operation.
A major fraud involving M/s Hamza Corporation Karachi has been unveiled, Director Customs PCA Shiraz Ahmed disclosed. The investigation revealed misuse of the Export Finance Scheme (EFS),
Manufacturing Bond, and DTRE facility, resulting in evasion of taxes and duties totaling 12.5 million rupees.
During the audit, discrepancies were detected in customs, sales tax, and income tax records, prompting a thorough physical inspection of the factory premises. It was found that despite claiming concessions, the company had allegedly sold goods in the local market. Furthermore, the audit team discovered that the unit lacked essential manufacturing facilities specified under the schemes, with only yarn-making machinery present.
In response to the findings, a financial fraud case has been filed under Section 32, and efforts are underway to apprehend the accused, some of whom are currently evading arrest.
This revelation by Karachi Customs underscores ongoing efforts to combat financial malpractice and ensure compliance with regulatory frameworks in Pakistan’s commercial sector.
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