All the owners and directors are absconding, a case has been registered, two teams have been formed to arrest them. Photo: SBP
Karachi: The Customs Post Clearance Audit has initiated action by identifying misuse of export finance scheme facility through declaration of 6 goods and loss to national exchequer in terms of revenue.
Director Post Clearance Audit South Shiraz Ahmad said that a case has been registered against M/s Fairdale Textile involved in this fraud in the light of DGPCA instructions.
Sources told Express that the Director Post Clearance Audit had received a tip-off that the facility of Export Finance Scheme was being misused by M/s Fairdale Textiles Karachi, on which an audit team consisting of PCA officers was constituted. AD Muhammad Sarfraz, AO Fahad Iqbal and AO Imran Haider were involved.
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The audit team conducted a physical examination of the EFS goods at the premises of M/s Fairdale Textiles under Section 26B of the Customs Act and preliminary desk audit based on the Customs, Sales Tax and Income Tax data available with FBR. What, after investigation an FIR of financial fraud under section 32A has been registered by Post Clearance Audit South.
The report states that during the audit, the factory manufacturing area of M/s Fairdale was found to be closed, the machines were in dilapidated condition, the factory appeared to be inactive for a long time, apart from EFS equipment, importers of various types and quality. The garments were found to be importing which shows that the importer is misusing the manufacturing status to import the goods and sell them in the local market.
PCA teams are making efforts to arrest the accused, all the owners and directors of M/s Fairdale Textile are absconding, two arrest teams have been formed and all sea and land customs export collectors have also been alerted to be alert. is given because the accused may try to escape from the importing country.
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