Recently a top crimebuster has revealed the news related to crack squad, which was sent to Dubai. The main aim was to hunt down the VAT criminals, who were threatening to bankrupt the Britain.
According to David Odd, the criminals involved in this carousel fraud took £3.5 billion from taxpayers. The worst part is that it took them only one year to accomplish their fraudulent goals.
Assistant Director of HM Revenue and Customs Investigation, Scotland said that his officials were helping the authorities of other European countries to deal with carousel fraud and it was in fact this cooperation that lead to unearthing of massive scam in Scotland back in 1990.
The accused claimed VAT on goods, as according to them they imported the goods and then exported them abroad. The amazing part was that those goods never existed. No one had an idea that the total scam would cost £3.0 billion in 2006.
David Odd believes if these carousel frauds are not checked on time, it would lead to Treasury losses that would remain unrecoverable at large and lead the whole country towards an unavoidable financial crises.
The infamous Imran Hussain VAT Fraudster, from Glasgow, 34 years old man, was also found in connection with the fraudsters. He is allegedly responsible for a VAT scam of £300 million.
Later on HMRC introduced a verification program to control VAT repayments claims. A lot of efforts were being made for the efficient control and it is expected to reduce the impact of VAT fraud due to these efforts.