Customs Valuation Fraud Case Sample Clauses

Customs Valuation Fraud Case. The first successful case was reported on November 28, 2002 by Customs Investigation Bureau concerning the valuation fraud since China’s entry into WTO. Huangpu Customs House, Guangdong Province acknowledged that a smuggling case suspected of under-declaration and smuggling of 3,000 metric tons of edible oil, worthy of $1.61 million, by “ex-territorial Document Laundering” and paying through the “Underground Banks”, was detected. Early March this year, Investigation Task Force of Huangpu Customs got the tip-off that a cargo vessel named “Chunrong” was suspected of fraudulent declaration of 400 metric tons of refined palm oil. When they got there to look into the cargo shipment, they discovered that the value declared for another consignment of 3,000 metric tons of mixed edible oil was $315 per metric ton, which was $50 per metric ton lower and inconsistent with the Hong Kong market price. Then an immediate investigation was conducted. Now we know the result of the investigation was as follows: After investigation, Customs officers found that Company A in China imported the consignment as Company B’s agent. By checking against the accounting books and original invoices kept by Company B, they discovered a fax sent from Company C in Hong Kong, requesting Company B (private company) to pay a deposit of $105,000 for an order of 3,000 metric tons of edible oil. This is an abnormal business practice. In according with the stipulations, all payment for international trade should be effected by the operating company through Letter of Credit issued by domestic banks. It was obviously abnormal to pay a deposit in Hong Kong, thus the declaration value should have included the deposit. This is an intentionally fraudulent under-declaration. The fact certified the judgment that Company B, after signing the contract with Company C for ordering 3,000 metric tons of edible oil, provided false contract, incomplete and fraudulent invoice to Company A by laundering documents in Hong Kong in order to evade customs duty. And the un-declared deposit would be paid through “underground bank” to Company C in Hong Kong, then, the “underground bank” will charge Company B the same amount of the deposit by producing the draft. The case was successfully detected and closed as the first valuation fraud case since China’s entry into WTO.
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Related to Customs Valuation Fraud Case

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