Woking man jailed for £17 million VAT fraud told to repay taxman
By mattcollison | Wednesday, March 13, 2013, 10:54
A WOKING man jailed for his part in a £17 million VAT fraud has been told to payback the taxman or face a longer prison term.
Syed Faraz Hussain fraudulently imported and exported mobile phone accessories.
Syed Faraz Hussain, of Seal Point Comeraugh Close, was ordered to pay £200,523 within six months or serve and additional two and a half years.
He was one of nine men behind a multi-million pound fraud which centred on the mobile phone industry.
A five-year investigation by HM Revenue and Customs (HMRC) found VAT repayment claims to steal a further £5 million..
Paperwork found during house searches showed that the gang planned to steal an additional £300 million of VAT.
Dave Cowie, Assistant Director of Criminal Investigation for HMRC, said: "This gang stole vast amounts of money to fund a life of luxury they neither earned nor deserved. We are determined they do not leave jail to enjoy that lifestyle again and have restrained a number of high value assets.
"There are several properties in the UK, Florida and Spain and the UK worth over £1 million each, and proceeds from the sale of high performance cars, including a £250,000 Rolls Royce Phantom and a £165,000 Ferrari.
"HMRC works tirelessly to identify and recover the profits from crime. If these criminals do not pay up, they will serve extra time in jail, and still owe the money when they are released."
The conspiracy involved the import of mobile phone accessories and electronic media, including memory and SIM cards, from the EU.
Once imported, the goods would be sold on a number of times along a contrived supply chain before being exported back to the EU. The exporter would then claim a VAT credit from HMRC for the VAT paid on the purchase of the goods.
The HMRC operation involved investigations in China, Taiwan, India, Italy, Denmark, Germany and Belgium. HMRC investigators worked with overseas officials to follow the trail of money.