HMRC claws back £92.3m in record carousel fraud case

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HMRC secured its biggest ever confiscation order against two members of a VAT tax fraud gang who stole £37.5m.

Syed Ahmed of Buckinghamshire and Shakeel Ahmad of Middlesex, both currently serving seven year jail terms, were each ordered to repay £92.3m within two months or face an additional ten years in prison as well as still having to repay the money.

The 21-strong gang bought luxury houses in London, high performance cars, and built blocks of flats in Dubai after stealing £37.5m in a ‘missing trader’ VAT tax fraud.

“This is the largest ever confiscation order secured by Revenue & Customs at the end of one of our most complicated investigations. I believe it to be one of the largest confiscation orders in the UK to date,” commented Ric...

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Gina Dyer
Deputy Editor
Sift Media
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