MCC registers 5 cases against exporters: gold worth $214.9 million shipped on fake documents

Model Customs Collectorate of Export (Port Qasim) has registered five cases against gold exporters, who are allegedly involved in yellow metal exports worth $214.9 million on fake Form-Es, it is learnt Wednesday. According to sources, these exporters had shipped the precious metal on fake Form-Es, depriving the government of foreign exchange amounting to $214.9 million.
They said gold exporters had used the names of five fake companies - M/s Rubab Corporation, M/s B D Enterprises, M/s Reaz Corporation, M/s Sani Impex and M/s Makkah Enterprises for this purpose. They had exported gold worth $214.9 million in the name of these companies on fake Form-Es and added that gold worth $24.3 million was exported on M/s Rubab Corporation, $80.2 million on M/s B.D Enterprises, $62.8 million on M/s Reaz Corporation, $21.7 million on M/s Sani Impex and $25.9 million worth gold was exported on M/s Makkah Enterprises under fake Form-Es.
Moreover, sources said these exporters had misused Entrustment Scheme prescribed by SRO 266(I)/2001 in connivance with the Deputy Director of Trade Development Authority of Pakistan (TDAP) and availed 80 percent tax exemptions on gold imports during 2011-13 and then gold worth $214.9 million was exported to Dubai by these fake companies under bogus Form-Es, which corroborated massive outflow of black money during the said period.
Replying to a question, sources said the Collectorate claims to have arrested eight accused who were currently under judicial custody and added that these persons were accused of establishing these fake companies and trade gold on bogus Form-Es.
During the course of investigation, it was found that jewellers from across the country used the services of fake companies of Karachi to export gold/jewellery to Dubai with the aim to avoid all legal liabilities and documentation, sources maintained. They said a major portion of gold jewellery exported through these fake companies belonged to the persons from Lahore, Rawalpindi, Gujranwala, Faisalabad and Multan and added that field formations had now been directed to trace the whereabouts of these persons for further investigation.