The Customs Intelligence has detected Tk382 crore was shipped out of the country through trade-based money laundering, which experts believe is a prime reason behind Bangladesh's forex crunch.
Four export-oriented companies are allegedly found involved in the laundering of funds.
Customs intelligence said its team found Sabiha Saiki Fashion (SSF), Asia Trading Corporation, Emu Trading, and Ilham involved in export documentation forgery and that their export earnings were not repatriated.
Customs intelligence termed these cases of money laundering in connivance between the export-oriented companies and clearing and forwarding agent Limax Shippers Ltd.
They used fake sales contracts and other companies' e-EXP in the bill of export, the revenue intelligence said in its report.
The companies have also allegedly used special export codes in the bill of export, and in some cases, codes for bonded companies.
As detected, Same C&F submitted the bills of export for four companies.
An investigation team of customs launched a drive in the SAPL (OCL) depot at Chittagong, North Patenga, on January 31, 2023 and conducted physical investigation into nine product chalans in seven 40-foot container goods.
Customs detected many undeclared goods, including baby dresses, jeans pants, shirts, and shawls, although they declared only T-shirt and ladies' dresses as export items.
To investigate the irregularities and submit a report on this, the customs formed an eight-member investigation committee.
SSF has exported 86 chalans with 997 tonnes of men's trousers, T-shirts, baby shirts, bags, polo shirts, and pants, worth Tk21 crore, to the UAE, Malaysia, Singapore, Saudi Arabia and Nigeria, said the CIID statement.
Customs has checked the electronic export permission (e-EXP) with the ASYCUDA World System and data collected from Agrani and BRAC banks. It found the 86 e-EXPs issued in favour of different exporters but there were mismatches between e-EXP and bill of export.
As e-EXP was found not valid against bill of export, there is no scope to repatriate money in legal channels, the customs intelligence says.
In the investigation process, the revenue sleuths also found forgery in the export process by the other export-oriented companies: ASIA Trading Corporation, Emu Trading, and Ilham.
The commercial banks concerned said the exporting companies used e-EXP of other companies.
Customs intelligence found it as confirmed evidence of siphoning off money as there is no scope to repatriate money in this process.
Asia Trading Corporation exported 1,382 products or about 14,085 tonnes of T-shirts, tops, and ladies' dresses, worth Tk282 crore, mainly to the UAE, Malaysia, Singapore, Qatar and the UK.
As per Brac Bank, its lien bank, data of the company, the e-EXP has not been issued in favour of the company.
The bank also said entire bank transactions by the company ceased from 2018.
Emu Trading, Jabbar Market, Dokkhin Khan Bazaar, Dhaka, has shipped 273 products chalan or 2523 tonnes of T-shirts, trousers, and tops, worth Tk62 crore, to Saudi Arabia, Malaysia and the UAE.
Sonali Bank, the lien bank, data show the e-EXP has not been issued in favour of Emu Trading.
The case of Ilham, located in city's Uttara, is similar to those two companies.
It exported 39 product chalans or 660 tonnes of T-shirts, and ladies' dresses worth Tk17 crore but its lien bank, Sonali, has not issued e-EXP in favour of the company.