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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About Gina Dyer

About Gina Dyer

I've been a journalist for four years, writing on a wide variety of topics from business and finance to travel, culture and celebrities. I began my career as an editorial assistant for Palladian Publications, a B2B publisher specialising in technical magazines for professionals in primary industries. I later moved into consumer magazines as a staff writer for French Magazine, a monthly travel publication aimed at Francophiles, and was part of the launch team for The Traveller in France, a quarterly magazine produced for the French tourist board. I was also a regular contributor to online travel portal Homesworldwide.co.uk, and later worked with customer publishers Future Plus as a freelance production editor, before joining Sift Media in January 2009. I am currently Deputy Editor of AccountingWEB.co.uk.

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