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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 proceeds | The £4.5m luxury London flat bought with fraudulent proceeds |
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 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 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. |
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