The Customs Intelligence and Investigation Directorate (CIID) has uncovered a massive tax evasion scheme totaling Tk 85.21 crore ($852,146,495\text{ BDT}$) committed by UAGM BD Limited, a firm operating under the Customs Bond Commissionerate, Dhaka (South).
Following a raid on September 9, 2026, at the factory premises in Mizmiji Dakshin Para, Siddhirganj, Narayanganj, CIID officials discovered that the factory had no functional production activity and its machinery lay completely idle. Although the firm claimed to produce and export finished goods using duty-free imported raw materials under Utilization Permissions (UP) and back-to-back Letters of Credit (LCs), actual electricity consumption records showed negligible power usage. The facility also lacked alternative generators, solar connections, gas power, or adequate floor space required for the declared production volume.
Investigation reveals that UAGM BD Limited abused bonded warehouse privileges to import high-value raw materials—including PVC flex, PVC film, PET film, synthetic leather, duplex board, and color board—without paying customs duties, subsequently illegally dumping them into local open markets for illicit profit. CIID has finalized the case report and forwarded it to the Customs Bond Commissionerate, Dhaka (South) for immediate prosecution and penalty recovery.
— Daily Best News Desk • Fearless in the search for truth
Reported by Staff Reporter • Edited by the Daily Best News desk. Send corrections to [email protected].
