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Fraudster faces £1m payback bill Fraudster faces £1m payback bill
(20 minutes later)
A businessman jailed in 2004 for a major VAT fraud has been ordered to pay back more than £1m by a judge.A businessman jailed in 2004 for a major VAT fraud has been ordered to pay back more than £1m by a judge.
Michael Voudouri, from Bridge of Allan near Stirling, was jailed for four years at the High Court in Glasgow after admitting a £3m VAT evasion. Michael Voudouri, from Alloa in Clackmannanshire, was jailed for four years at the High Court in Glasgow after admitting a £3m VAT evasion.
At the High Court in Edinburgh, his assets were confiscated in the biggest single seizure of its kind in Scotland.At the High Court in Edinburgh, his assets were confiscated in the biggest single seizure of its kind in Scotland.
The 36-year-old said he would appeal the order, which was made under Proceeds of Crime legislation. Voudouri, who was given six months to pay, said he would appeal the order, made under Proceeds of Crime laws.
The move follows an international investigation into the case. He set up a scheme to avoid paying VAT during the import and re-sale of computer parts but was snared following an international Customs probe into his business dealings.
He used money obtained to finance a luxury lifestyle, including the purchase of expensive cars and a £900,000 house in Bridge of Allan, near Stirling.
Further sentence
Judge Lord Wheatley ordered Voudouri, who has since been released from jail, to pay a bill of almost £1.3m, the single biggest seizure under proceeds of crime legislation.
He faces a further prison sentence if he fails to comply with the order.
Voudouri orchestrated an international scam after claiming two of his companies - Fairwood Trading and Cortec Management - were involved in textiles.Voudouri orchestrated an international scam after claiming two of his companies - Fairwood Trading and Cortec Management - were involved in textiles.
However, customs officers exposed a £20m turnover in computer parts. However, Customs officers exposed a £20m turnover in computer parts.
Former home
He used the money to finance a luxurious lifestyle, including the purchase of a £1m house and a string of expensive cars.
Voudouri, who had a third company, Computer Technics, acquired computer chips from Denmark, Luxembourg and the Republic of Ireland which were supplied VAT-free under EU regulations.Voudouri, who had a third company, Computer Technics, acquired computer chips from Denmark, Luxembourg and the Republic of Ireland which were supplied VAT-free under EU regulations.
He then sold them on to UK customers, charging VAT at 17.5%, which he failed to declare. He sold them on to UK customers, charging VAT at 17.5%, which he failed to declare.
Voudouri was snared after his former home in Alloa, Clackmannanshire, was searched, as well as two business addresses in Glasgow. The proceeds from the sale of the Bridge of Allan house will be added to that of other addresses in Alloa and London.
Following legal proceedings which began in 2004, judge Lord Wheatley earlier said he was satisfied that Voudouri benefited from the proceeds of crime to the value of £3.041m.
He said a confiscation order for £1.292m would be made.