Syed Ahmed and Shakeel Ahmad must repay a staggering £92.3 million each.
The men are currently serving seven year prison terms for their part in the ‘missing trader’ scam which involved importing computer parts (mainly from Ireland) VAT free and then selling them on with VAT added.
After the goods had been sold on a number of times they were then exported back to the EU with the exporter claiming credits from HMRC for the VAT paid on the purchases.
HMRC officers have seized assets including a luxury flat in Knightsbridge, London worth £4.5 million and two tower blocks in Dubai worth £80 million.
A Ferrari 360 Modena and a Mercedes 500CL have also been seized.
Assistant Director of Criminal Investigation for HMRC, Richard Meadows, said:-
“This is the largest ever confiscation order secured by Revenue and Customs at the end of one of our most complicated investigations.”
Ahmed and Ahmad, described by Lord Justice Richard Flux at the trial as ‘complete liars’, must each repay the £92.3 within the next two months or face an additional ten years in prison.
HMRC are happy with the outcome and count this confiscation order as a new record but time and time again we hear stories about VAT frauds being conducted.