Play store
The Customs Intelligence and Investigation Directorate (CIID) has launched an investigation into alleged misuse of bond facilities by a Chattogram-based company after finding a shortage of duty-free raw materials worth nearly Tk25 crore at its warehouse.
The action was taken at the warehouse of bond-licensed Jass Accessories (BD) Ltd in Pahartali, where customs officials found significant discrepancies between the company’s declared inventory and the materials physically available.
According to a National Board of Revenue (NBR) statement issued on Monday, the inspection was conducted on September 28 following a tip-off. The warehouse is located on Colonel Jones Road in Uttar Kattali, Pahartali.
Jass Accessories imports various raw materials—including LDPE, HDPE, LLDPE, PP, GPPS, HIPS, BOPP, duplex board and rubber thread yarn—under the bond facility, allowing them to enter the country without payment of applicable duties and taxes for use in approved production and export activities.
During the inspection, customs officials found that the company was supposed to have 1,920,857kg of raw materials in stock according to its online utilisation permissions. However, only 585,581.2kg was physically found at the warehouse.
This resulted in a shortage of 1,335,275.8kg of raw materials, according to the inspection findings.
Based on the declared values in the company’s latest bills of entry, the customs-assessable value of the missing raw materials was estimated at Tk24.97 crore. The applicable customs duties and taxes on the materials were estimated at around Tk9.10 crore.
The CIID is examining whether the duty-free raw materials were properly used for the company’s approved production and export activities or whether the bond facility was misused to divert the materials to the local market or smuggle them out of the country.
The NBR said the relevant documents and records would be scrutinised before legal action is taken against the company if violations are established.