Yarn worth Tk2.25cr seized in Narayanganj
The yarn was imported duty-free and was meant for making whole-cloth for exports
The Customs Bond Commissionerate (CBC) raided two warehouses in Narayanganj on Saturday and seized 22 tonnes of yarn worth Tk2.25 crore.
Deputy Commissioner of the CBC, Razvee Ahmed said the warehouses – the Saad Traders and the Azad Traders – have been selling the yarn in the market illegally.
The yarn was imported duty-free and was meant for making whole-cloth for exports, he said.
Keep updated, follow The Business Standard's Google news channel
But some dishonest businessmen might have imported the yarn by taking advantage of the duty-free facility only to sell those in the open market – instead of using those in the prescribed way, he said.
Acting on a tip-off, a team of the Customs Bond Commissionerate (CBC) raided the warehouses with the help of law enforcement agencies. But the Commissionerate was still in the dark which organisations imported the yarn and sold those to the warehouses.
Assistant Commissioner of the CBC, Al Amin said, "Businesses must keep invoices along with all relevant papers regarding their purchases. Since both the warehouses could not show the necessary documents, we had to seize the goods."
He added that they will investigate the matter further and take legal actions against the garments units which imported the duty-free yarn but sold those to the warehouses.
