FIA to probe into Rs 35 bn gold jewellery export scam

ISLAMABAD (Scrap Monster): The Federal Investigation Agency (FIA) has intensified its probe into the multibillion dollar fraud involving illegal gold exports by Pakistani jewellers to the United Arab Emirates (UAE). Nearly Rs 35 billion worth gold jewellery were illegally exported out of the country by evading duties.

According to the latest report submitted to the Ministry of Interior, FIA states that four influential gold traders from the city of Karachi had managed to obtain license from the Trade Development Authority of Pakistan (TDAP). Upon scrutinizing the deal, it was found that none of the legal requirements of the license were met. Using this license, the traders exported 23-carat gold jewellery worth Rs 35.24 billion to the UAE on fake bank documents. The exports which took place between 2011 and 2012 returned no export revenues to the country.

As per FIA, the role of an official in the TDAP is under scrutiny by anti-corruption agency. The clearing and forwarding agents who filed fake export documents are also under the scanner. Three of the accused have already been arrested, FIA added. The investigations are also directed to customs officers who had extended a helping hand by deliberately clearing the gold consignments.

Meanwhile, Goldsmith Association of Karachi has threatened to go on indefinite strike if FIA did not stop the investigation. However, Pakistan’s Interior Ministry has ordered FIA to go ahead with the inquiry. Further it offered all required financial resources in order to conduct fair and transparent probe into the scam.