VAT fraudsters get 22 years
Four people sentenced following £40m VAT carousel fraud
Prison sentences totally 22 years have been given to four people found guilty of stealing £40m in a VAT carousel fraud scam, following an 18-month investigation by HM Revenue & Customs (HMRC).
The scam involved the buying of mobile phones from 12 fake companies, and using false receipts to charge VAT on the transactions, which resulted in HMRC losing out on £40m. The four faced two charges of cheating the public revenue with intent to defraud and money laundering.
Her Honour Judge Williams said: “ It was an audacious and outrageous fraud all defendant showed a shameless dishonesty.”
Assistant chief investigation office Deborah Hayman said tackling VAT fraud was HMRC’s top priority. “It is a deliberate attach on the VAT system, perpetrated by organised criminals operating across and beyond the EU.”