FBR busts $7mln money laundering scam

ISLAMABAD: Intelligence and Investigation Directorate of the Federal Board of Revenue (FBR) had detected money laundering of over US$7 million committed by a Pakistani company, which is engaged in imports of various poultry medical inputs, a statement said on Friday.

“The directorate has discovered over US$ 2.1 million money laundering through hundi to Dubai while the investigations into the US$ 5 million transfer of foreign currency is still under underway,” Directorate General Intelligence and Investigation Federal Board of
Revenue Shaukat Ali addressing a press conference said.

Terming it a ‘big catch’, Ali said Marush International, which imports poultry vaccines, medicines nutrients, premises, etc, had been involved in massive mis-declaration of value by suppressing the actual transactional value of imported goods by submitting fake import invoices and other documents before customs for clandestine clearance.

“The company has also been involved in illegal import of poultry medicine and vaccines by presenting fake and irrelevant provisional authorization of the Drug Regulatory Authority of Pakistan,” the Federal Board of Revenue official said.

Shaukat Ali also told the press that Marush had been involved in transferring foreign exchange of suppressed values to suppliers
abroad through illegal means and the total amount was US$2.149.

“Al-Nahdi Exchange, Multinet Trust Exchange, Dubai and Malik Exchange and Universal Exchange Center were the some major money exchangers through whom hundi/hawala payments were made,” he said adding, although the Federal Board of Revenue intelligence had arrested some persons working with the company, the owners, a father-son duo, are still at large.” 

He said the directorate would forward its recommendations to place their names in the Exit Control List (EXL) so that they could not go abroad.