A manufacturing firm named UAGM BD Limited, located in Siddhirganj, Narayanganj, has been accused of evading over Tk85.21 crore in revenue by misusing bonded warehouse facilities.
An investigation conducted by the Customs Intelligence and Investigation Directorate (CIID) of National Board of Revenue (NBR) revealed that the company’s declared production figures were completely inconsistent with its electricity consumption.
A CIID team conducted a drive on 9 September at the company’s factory situated in Mizimizi Dakshin Para.
According to a press release issued on Wednesday, UAGM BD Limited imported duty-free raw materials under bond facilities, claiming to export finished goods through back-to-back Letters of Credit (LC).
During the raid, officials discovered major discrepancies when cross-checking electricity consumption records against declared production data. The factory lacked alternative electricity connections, solar power systems, or gas-driven production setups, whilst production machinery was found lying idle and unused.
Initial findings by Customs Intelligence alleged that despite securing Utilisation Permission (UP) from Bond Commissionerate and recording exports via back-to-back LCs, the company sold duty-free imported raw materials in the local open market.
Following a detailed analysis of import-export records, production capacity, electricity usage, UP data, and related documents, the CIID finalised a case report alleging revenue evasion totaling Tk85,21,46,495.
The report has been forwarded to Customs Bond Commissionerate, Dhaka (South) to initiate necessary legal action.
The directorate noted that bonded warehouse facilities are granted under specific conditions to assist export-oriented industries with duty-free raw material imports; however, selling these materials in the open market deprives the government of revenue and subjects compliant businesses to unfair competition.
NBR Public Relations Officer Al-Amin Sheikh reaffirmed that the revenue authority maintains a strict stance against any abuse of bond facilities.
