Revenue evasion allegations raised against garment firm over bond facility misuse

Serious allegations of revenue evasion through the misuse of bonded warehouse facilities have been raised against Anannya Socks and Inners Industries Ltd.

Journalist Zulkarnain Saer, in a post on his verified Facebook account on Wednesday afternoon, alleged that the company imported a large quantity of fabrics duty-free under the bonded warehouse facility but failed to export the corresponding volume of finished products, instead selling the materials in the local market.

The company is located in Tejgaon Industrial Area in the capital. Its Managing Director, Md Murad Hossain Sohag, also serves as chairman of the German Market Development Standing Committee of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Managing Director of Aakon Group.

Citing documents of the Customs Bond Commissionerate and officials concerned, the post claimed that the company imported 3,670 metric tonnes of materials under bond facilities without paying duties and taxes. Under the bonded warehouse system, imported raw materials are required to be used for producing export-oriented goods.

According to the allegations, the company exported only 786 metric tonnes of products, while the remaining imported materials were supposed to be stored in its bonded warehouse. However, officials reportedly found no such inventory in the warehouse, raising suspicions that the materials had been sold in the local market in violation of bond regulations.

The post further alleged that teams comprising officials from the Customs Intelligence and Investigation Directorate, the Central Intelligence Cell (CIC) and the Dhaka South Customs Bond Commissionerate visited the warehouse on multiple occasions to verify the allegations.

However, it claimed that company authorities obstructed inspection efforts by creating unrest through workers and staging demonstrations, preventing officials from conducting physical inventory checks and on-site verification.

The post also alleged that this was not the first case involving the company. According to the claims, two separate cases involving alleged duty and tax evasion worth Tk30 crore and Tk8.64 crore had previously been filed against the firm by the Customs Bond Commissionerate and remain under process.

Industry insiders quoted in the post expressed concern that abuse of bond facilities could harm compliant businesses and damage the reputation of Bangladesh's garment sector.

The post called for strict action, including cancellation of the company's bond licence, freezing of bank accounts and legal proceedings against those found responsible.

Zulkarnain Saer also attached documents to the post in support of the allegations.