The recently formed Anti-Corruption Commission (ACC), established to probe financial crimes in Bangladesh, is investigating a complaint of evasion of import duty by a Bangladeshi trader.

Riya International is alleged to have evaded import duty by showing a price for wheat imported from India on a letter of credit (L/C) that was different from the price specified on customs documentation.

Documentary discrepancies

In the first financial corruption case to be investigated by the newly formed ACC, Riya International is alleged to have opened an L/C specifying it would buy the 2,000 metric tons (MT) of wheat at US$176 per metric ton (MT) with Mutual Trust Bank Ltd at Babu Bazar branch in Dhaka.

Subsequently it was found that the company evaded import tax by showing a price at US$ 110 per MT to the customs department, it is alleged. A four-member ACC committee will investigate the matter.

Wide remit

The remit of the ACC is wide and includes mandates to investigate financial irregularities in both the private and public sectors.

Another investigation undertaken by the fledgling commission is the alleged misuse of 1,028 public vehicles that may have been retained by government ministries even though the projects for which they were procured had been terminated.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.