A joint drive of customs intelligence and bond commissionarate has exposed Tk 515 million worth of abuse of the duty-free bonded warehouse facility.
They found that Messrs Olympic Accessories Limited based in Rajendrapur under Gazipur district had illegally sold out duty-free raw materials in the local market, according to a statement.
A 10-member team of Customs Intelligence and Investigation Directorate and Customs Bond Commissionarate raided the factory and the head office of the firm in the capital's Bijoy Nagar area.
Customs conducted surprise raids on April 06, 07 and 19 and found irregularities in a joint inventory of raw materials inside the company's warehouse.
Both the teams found some of the duty-free raw materials missing after they matched the data with the bond register on April 6, 2019.
The missing items included polyester textured yarn 104.758 tonnes, PVC sheet 20.90 tonnes, BOPP 31.744 tonnes, PP 333.995 tonnes, LDP 242.575 tonnes, adhesive tape 3.328 tonnes, rubber thread 3.242 tonnes, polyester yarn 104.758 tonnes, polystarine 18 tonnes, liner paper 60.031 tonne, medium paper 10.061 tonnes, gum tape 7.071 tonnes and duplex board 501.502 tonnes.
The import value of those products is Tk 112 million.
The customs teams also got information that Olympic Accessories has illegally transferred raw materials worth Tk 254 million from its head office from January 2017 to February 2019.
It has illegally transferred duty-free raw materials worth Tk 366 million.
The company will have to pay Tk 149 million in customs duties and taxes on the raw materials.
The customs teams are also investigating other allegations against the company.
Assistant director Md Abu Hassan led the customs intelligence team and assistant revenue officer Md Alamgir Hossain the bond commissionarate team.
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