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14/03/2012
14 Arrested In Suspected £15m Fraud Case
Thirteen people from Northern Ireland have been arrested in connection with suspected money laundering while a fourteenth person has been arrested in Stoke Newington, London.
It is understood that the investigation concerns the alleged laundering of around £15 million and involves 13 men and one woman.
The arrests were made following searches by HM Revenue & Customs who were investigating money laundering, income tax and VAT fraud linked to the construction industry.
A total of 31 businesses and homes have been searched in Belfast and Counties Armagh, Antrim and Londonderry.
The investigation branded ‘Operation Concentric’ is one of the largest operations carried out by HMRC officers, supported by PSNI officers, in Northern Ireland.
It is understood that the set-up, allegedly made to defraud the HMRC, is simple but involves many layers.
John Whiting, Assistant Director of Criminal Investigation with HMRC said: "This investigation is targeting a suspected organised crime gang involved in sophisticated multi-million pound income tax and VAT frauds in the construction industry, and the associated laundering of the criminal profits."
It is believed that the so-called gang have created a chain of companies, claiming to sub-contract labour for construction projects, with the intent of disappearing before any tax was paid.
(LB)
It is understood that the investigation concerns the alleged laundering of around £15 million and involves 13 men and one woman.
The arrests were made following searches by HM Revenue & Customs who were investigating money laundering, income tax and VAT fraud linked to the construction industry.
A total of 31 businesses and homes have been searched in Belfast and Counties Armagh, Antrim and Londonderry.
The investigation branded ‘Operation Concentric’ is one of the largest operations carried out by HMRC officers, supported by PSNI officers, in Northern Ireland.
It is understood that the set-up, allegedly made to defraud the HMRC, is simple but involves many layers.
John Whiting, Assistant Director of Criminal Investigation with HMRC said: "This investigation is targeting a suspected organised crime gang involved in sophisticated multi-million pound income tax and VAT frauds in the construction industry, and the associated laundering of the criminal profits."
It is believed that the so-called gang have created a chain of companies, claiming to sub-contract labour for construction projects, with the intent of disappearing before any tax was paid.
(LB)
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Northern Ireland WeatherToday:Staying cold. Any freezing fog that has formed overnight will slowly thin and disperse during the morning. Otherwise dry and bright much of the day with perhaps the odd coastal shower in the north and east. Maximum temperature 4 °C.Tonight:Dry at first with cloud thickening from the south through the evening. The odd shower, wintry over high ground, over northern counties, becoming more persistent rain over Down and Antrim. Minimum temperature 0 °C.
