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The Customs Intelligence and Investigation Directorate (CIID) has detected preliminary evidence of Tk269.48 crore in customs duty and tax evasion following raids on six textile companies in Narayanganj.
The companies are accused of selling yarn, fabric-making raw materials and chemicals imported duty-free under bond facilities in the open market instead of using them in their factories.
The National Board of Revenue (NBR) disclosed the findings on Wednesday (November 11).
NBR Public Relations Officer Md Al Amin Sheikh said multiple CIID teams conducted simultaneous raids on October 8 at six establishments in Rupganj, Bandar and Araihazar, acting on confidential information. Members of the Special Response Battalion (SRB) assisted in the operation.
During the raids, investigators found significant discrepancies between the quantities of yarn, fabric and chemicals stored in the factories and the stock records maintained in the Customs online system.
After examining import records and other documents, investigators initially identified substantial amounts of unpaid customs duties and taxes.
The six companies and their suspected revenue shortfalls are:
Sim Fabrics Ltd, Rupganj: Tk90.77 crore
Zahin Knitwears Ltd, Bandar: Tk64.61 crore
Sanjana Fabrics Ltd, Rupganj: Tk60.33 crore
Bonafide Knitting Mills Ltd, Araihazar: Tk39.50 crore
Jamal Uddin Textiles Pvt Ltd, Bandar: Tk9.45 crore
Mozaffar Hossain Spinning Mills Ltd, Rupganj: Tk4.83 crore
Under the bonded warehouse facility, export-oriented industries can import raw materials without paying customs duties and taxes, subject to specific conditions. The imported materials must be used in production for export purposes.
However, investigators suspect that the six companies sold portions of their imported raw materials in the domestic market, depriving the government of substantial revenue.
Officials said some factories had less raw material in stock than recorded, while others had excess quantities, raising suspicions of misuse of bond facilities.
Investigators seized various documents relating to imports, production, inventory and raw material consumption during the raids. These are now being examined to establish the extent of the alleged irregularities.
CIID officials said the preliminary estimate of revenue evasion exceeded Tk269.48 crore, although the final amount could change after completion of the investigation.
They added that surveillance and enforcement operations would continue to prevent misuse of bonded warehouse facilities and revenue evasion.