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Tax fraud gang made to pay £92m Tax fraud gang made to pay £92m
(about 17 hours later)
The £4.5m luxury London flat bought with fraudulent proceedsThe £4.5m luxury London flat bought with fraudulent proceeds
Two members of a 21-strong criminal tax fraud gang have been ordered to re-pay a record £92.3m. Two members of a 21-strong tax fraud gang have been ordered to repay a record £92.3m.
It is the biggest ever confiscation order by HM Revenue & Customs (HMRC).It is the biggest ever confiscation order by HM Revenue & Customs (HMRC).
The gang bought luxury houses in London and high performance cars and built flats in Dubai after stealing £37.5m in a VAT tax fraud.The gang bought luxury houses in London and high performance cars and built flats in Dubai after stealing £37.5m in a VAT tax fraud.
The two men, Syed Ahmed of Buckinghamshire and Shakeel Ahmad of Middlesex, are currently serving seven year jail terms. The men, Syed Ahmed of Buckinghamshire and Shakeel Ahmad of Northwood, north west London, are currently serving seven year jail terms.
They will each face a further 10 years in prison if they fail to repay the money within two months.They will each face a further 10 years in prison if they fail to repay the money within two months.
The so-called missing trader scam worked by importing computer processing units (CPU) - mainly from Ireland - VAT free. The so-called missing trader scam worked by importing processing units for computers - mainly from Ireland - VAT free.
The goods would then be sold on, with VAT added, through a chain of companies each involved in the plot and sham invoices would be issued.The goods would then be sold on, with VAT added, through a chain of companies each involved in the plot and sham invoices would be issued.
Once the goods had been sold on a number of times they would be exported back to the EU.Once the goods had been sold on a number of times they would be exported back to the EU.
The exporter would then claim a credit from HMRC for the VAT paid on the purchase of the goods.The exporter would then claim a credit from HMRC for the VAT paid on the purchase of the goods.
'Complete liars''Complete liars'
Richard Meadows, Assistant Director of Criminal Investigation for HMRC, said: "This is the largest ever confiscation order secured by Revenue & Customs at the end of one of our most complicated investigations."Richard Meadows, Assistant Director of Criminal Investigation for HMRC, said: "This is the largest ever confiscation order secured by Revenue & Customs at the end of one of our most complicated investigations."
Officers have retained high value assets including a luxury flat in London's up-market Knightsbridge area, worth £4.5m and two apartment tower blocks in Dubai worth £80m.Officers have retained high value assets including a luxury flat in London's up-market Knightsbridge area, worth £4.5m and two apartment tower blocks in Dubai worth £80m.
Cars including a Ferrari 360 Modena convertible and a Mercedes 500CL have also been seized.Cars including a Ferrari 360 Modena convertible and a Mercedes 500CL have also been seized.
The judge at the trail, held at Leicester Crown Court, Lord Justice Richard Flaux, called the defendants "complete liars".The judge at the trail, held at Leicester Crown Court, Lord Justice Richard Flaux, called the defendants "complete liars".
He told them: "You are adept at using others in an attempt to make your activities legitimate."He told them: "You are adept at using others in an attempt to make your activities legitimate."
He added they had created a "smokescreen" to hide the value of the assets.He added they had created a "smokescreen" to hide the value of the assets.