A SHAWLANDS businessman has been accused of being involved in a plot to swindle £80m V.A.T. out of the taxman.
Saeed Aamer Mohammed (38) is one of five men in the dock for the elaborate fraud involving mobile phones and computer chips.
He is currently on trial at Kingston-upon-Thames Crown Court in Surrey.
Multiple businesses were involved in the U.K. and on the Continent to constantly trade the high-value electrical goods to generate a higher V.A.T. refund a jury was told today.
“Her Majesty’s Revenue and Customs (HMRC) are induced to pay out money, which they have not and will never get back,” said prosecutor Mr. Michael Brompton QC.
“These frauds are well-organised and sophisticated and the fraudsters work hard to conceal their effort”s.
Mr Mohammed pleaded not guilty to one count of conspiring between January 1, 2005 and December 13, 2006 to cheat the public revenue by defrauding them of money charged or reclaimed as V.A.T. on the purported supply of electrical goods.