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Suspected $52m carousel fraud uncovered.
The Canadian tax authorities are collaborating with the UK on an international investigation into a suspected $52m tax evasion and money laundering fraud.
More than 80 tax investigators from the Canada Revenue Agency (CRA) and HMRC executed search warrants at three locations in Canada and six in the UK.
The investigation was launched by the CRA when it uncovered that over a five-year period 11 foreign nationals based in the UK allegedly orchestrated a carousel fraud by attempting to obtain $52m in false goods and services tax (GST) and harmonised sales tax (HST) refunds.
HMRC confirmed that 40 officers searched addresses in Greater London Redditch Birmingham and Stratford-upon-Avon.
Paul Fisher assistant director of HMRC’s fraud investigation service said: ‘Tax fraud is a threat to public funding across the globe. As this operation shows HMRC regularly works with international partners to tackle suspected tax fraud.’
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