Ireland: Gardai Smash €29 million VAT Fraud Gang

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Gardai have smashed a €29 million VAT fraud gang as they launched multi-agency raids across the country.

The Garda National Economic Crime Bureau commenced a multi-agency investigation in September 2016 into the multi-million euro international fraud.

The so-called “carousel fraud” involves funds moving across borders in an effort to defraud the State of VAT.

A spokesman said: “Funds were identified moving through bank accounts across a range of financial institutions linked to various companies in Ireland and Northern Ireland, under the control of an organised crime group.

Large sums of money were subsequently transferred to bank accounts in a number of foreign jurisdictions.

They added: “V.A.T. carousels involve more than one jurisdiction and numerous layers to facilitate the alleged movement of goods which in turn leads to the state being defrauded of VAT.”

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