'Money laundering' worth Rs3.5 bln unearthed in Hyderabad

Pakistan Customs unearthed ‘money laundering’ worth Rs3.5 billion in Sindh’s Hyderabad district on Monday, ARY News reported. 

According to details, the documents said that HSJI company in Hyderabad evaded tax of Rs70 million and imported 14,392 metric tons of raw steel bars but avoided paying tax on it as per customs facility.

The documents further stated that the company was allowed to import raw material for steel bars and pay taxes after turning it into a finished product.

The Steel-Re-rolling Mills did not pay taxes worth Rs700 million despite selling the steel bars to a construction company.

The Pakistan Customs authorities claimed that Rs700 tax was invaded and in total Rs3.5 billion money laundering was done in terms of profit, tax evasion and original value of the steel bars.

Read more: Customs seizes cancer drugs worth Rs 200 million

Last month, the Customs intelligence had unearthed a tax evasion scandal of Rs140 million through under-invoicing and fake documents in Karachi Airport’s Air Freight Unit (AFU).

The scandal of under-invoicing and fake documents for tax evasion has been unearthed in Jinnah International Airport Karachi’s AFU.

According to the Customs Directorate of Intelligence and Investigation, corruption worth Rs140 million was allegedly committed in a consignment of a private company through under-invoicing and fake documentation.