Businessman to pay £240k over VAT fraud
A 42-year old businessman who ran a multi-million pound VAT fraud scheme has been ordered to pay £240,000 to prosecutors.
Shahid Ramzan’s lawyers agreed he evaded VAT payments of £5,661,839 between October 2002 and July 2004, with the High Court in Edinburgh ordering him to pay £240,000 within six months.
The complex VAT fraud scheme saw Ramzan use front companies set up in Spain to export his money out of Scotland.
His appeal against conviction failed earlier this year when his case was rejected at the Court of Criminal Appeal in Edinburgh.
Though Ramzan was also found guilty of transferring or hiding criminal property of £20,610,213, the court agreed that he should pay £240,000 as this was all he had available in actual assets.
The confiscation order was one of three made at the High Court yesterday.
Lindsey Miller, head of the Crown Office’s Serious and Organised Crime Division (SOCD), said: “The Crown is committed to recovering proceeds of crime wherever possible and today’s cases demonstrate that continued commitment.
“Today we have the opportunity to recover over £344,224 from individuals involved in significant criminality in Scotland, which represents the amount which is available to us at this time.
“It is important to note that if any other cash or assets come to light in the future the Crown can ask the court to recalculate the confiscation order up to the total amount of the benefit recorded.”