The Crown Prosecution Service (CPS) revealed that the seven bankers were among the 13 people appearing in court last week amid allegations of using a film investment scheme in order to cheat the taxman.
Among those charged are three former Royal Bank of Scotland (RBS) bankers.
Assad Amin, Jason Edinburgh, and Vincent Walsh all worked at RBS until 2012 according to the Financial Conduct Authority register – a Financial Services register of people approved to work in the industry.
In addition to this, five current or former members of RBS’ international banking and markets division were arrested at their homes as part of the investigation.
These charges bring yet more embarrassment to RBS, occurring almost two years after the high-profile police raids of their London offices.
Sarah Small, a representative for the Edinburgh-based banking group, declined to comment.
Andrew Penhale, the deputy head of fraud at the CPS, commented: “Following an investigation by HMRC, the CPS has authorised charges against three women and 10 men in connection with allegations that they conspired to cheat the revenue out of £2.5m of tax, via a complex film scheme designed for that purpose.
“Seven of the 13 individuals were investment bankers, and none had any background in film development, the trading business for which both partnerships were apparently set up.”
Donald Toon, director of criminal investigation at HMRC, added: “HMRC carried out a thorough investigation and the matter will now be put before the courts. The vast majority of people pay the tax they owe, but for those we suspect may not be, no matter who you are or what your profession, it’s only right we investigate.”
Donald Toon’s comments prove that anyone can face tax charges, whether they are high profile individuals or not. No one is safe from HMRC!
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