- VAT fraudster Arif Patel loses Ferrari and property empire worth £90m
- Patel led a major carousel fraud in the UK, attempting to steal £97m through false VAT claims
- The fraud involved fake exports of textiles and mobile phones
- HMRC stopped two thirds of the fraudulent claims, but £33m was still stolen
- The gang also sold counterfeit clothes valued at £50m if genuine
- Confiscation orders have been issued against Patel and his financial enabler
Source: accountancydaily.co
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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