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03/07/2003
Arrests made across UK in massive Customs swoop
In one of the largest VAT fraud operations of its kind, 350 Customs officers swooped on addresses throughout the country - arresting 33 men and four women.
More than 70 properties across the UK and Spain were raided this morning as part of 'Operation Euripus'. The operation was launched to close down an alleged VAT 'missing trader fraud' estimated at £120 million.
Swoops were made at 40 business premises and 31 residential premises across the country. Several large amounts of cash were seized during the searches, and a tonne of cannabis was also seized at one of the business addresses.
Customs officers are interviewing those arrested at police stations throughout the UK and investigations are continuing.
It is believed that the 'missing trader fraud' involved the buying of mobile phones from the continent VAT free and supplying them to businesses in the UK. The companies would then sell the phones back to the continent, without payment of VAT to the UK exchequer and without the phones ever being used by a consumer.
VAT missing trader fraud costs around £2.5 billion a year enabling criminals to fund lavish lifestyles – at a cost to the British taxpayer.
A top priority for the agency, Customs has tagged 400 staff to combat this fraud and by the end of 2003-04 it aims to reduce this type of fraud by at least £750 million.
(GMcG)
More than 70 properties across the UK and Spain were raided this morning as part of 'Operation Euripus'. The operation was launched to close down an alleged VAT 'missing trader fraud' estimated at £120 million.
Swoops were made at 40 business premises and 31 residential premises across the country. Several large amounts of cash were seized during the searches, and a tonne of cannabis was also seized at one of the business addresses.
Customs officers are interviewing those arrested at police stations throughout the UK and investigations are continuing.
It is believed that the 'missing trader fraud' involved the buying of mobile phones from the continent VAT free and supplying them to businesses in the UK. The companies would then sell the phones back to the continent, without payment of VAT to the UK exchequer and without the phones ever being used by a consumer.
VAT missing trader fraud costs around £2.5 billion a year enabling criminals to fund lavish lifestyles – at a cost to the British taxpayer.
A top priority for the agency, Customs has tagged 400 staff to combat this fraud and by the end of 2003-04 it aims to reduce this type of fraud by at least £750 million.
(GMcG)
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