Fri, 07 Dec 2012
Seven men from Birmingham who tried to steal £45 million in a VAT fraud have been ordered to pay back nearly £2million of their criminal profits, after cash was found in safety deposit boxes and in cassette cases at home addresses of the men involved.
The defendants ran six companies that brought and sold mobile phones and CD ROMS, all of which were within the 'missing trader' conspiracy. The gang had formerly been jailed for a combined total of 62 years after an investigation into 'missing trader' VAT fraud.
To identify the hidden assets, the investigations have involved analysis of hundreds of UK and overseas bank accounts.
Richard Meadows, Assistant Director of Criminal Investigation, for HMRC, said: “We are determined that this money will be restored to the nation’s finances and we are grateful for the help we have received from law enforcement authorities in Dubai and Hong Kong."