Created on July 31, 2013 at 08:43

http://www.dhakatribune.com/business/2013/jul/31/over-10-onion-importers-found-laundering-money

The Tariff Commission has spotted more than 10 importers of onion who were allegedly laundering money to the neighbouring India showing undervalued invoices, said official sources.

A report in this regard was submitted to the commerce ministry by the Commission recently.

During an investigation into the sudden price hike of onions ahead of Ramadan, a committee formed by the Bangladesh Tariff Commission (BTC) revealed incidence of money laundering in the name of import. The importers opened letters of credit showing undervalued invoices.

The investigation was conducted at the Bhomra land port of Bangladesh.

 “We identified over 10 importers laundering money to India by letters of credit showing undervalued invoice,” a member of the investigation committee of BTC told the Dhaka Tribune yesterday.

 The official added: “The commerce ministry will send a letter to the Bangladesh Bank within two days to investigate the money laundering cases.” 

The BTC committee found the maximum import cost of a metric ton of onion was Tk23,820 and the minimum Tk9,528. And the average cost was Tk14,767 per metric ton.

But in Bangladesh, a metric ton onion was selling at Tk28,000-34,000 when the same amount of onion was selling in India at Tk24,600-30,600 in the local market, the report said.

The committee recommended further investigation to find more such cases including officials from Bangladesh Bank, Trading Corporation of Bangladesh and commerce ministry in the committee.

“As anomalies have been found, there should be further investigation to reveal more,” Commerce Secretary Mahbub Ahmed echoed the committee while talking to the Dhaka Tribune.

 The BTC mentioned the names of 10 traders who along with others imported 6,143 metric tons of onion in the first week of this month.

The importers include M/S Sujan Enterprise, M/S Munto Dutta, M/S Sujoy Enterprise, M/S RKP Enterprise, M/S RD Enterprise, M/S Reliance Trade Waive, M/S Feroz Enterprise, M/S MM Enterprise, M/S Rafiq Traders and M/S Rafiqual Islam.