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Fraudster faces £1m payback bill | Fraudster faces £1m payback bill |
(20 minutes later) | |
A businessman jailed in 2004 for a major VAT fraud has been ordered to pay back more than £1m by a judge. | A businessman jailed in 2004 for a major VAT fraud has been ordered to pay back more than £1m by a judge. |
Michael Voudouri, from Alloa in Clackmannanshire, was jailed for four years at the High Court in Glasgow after admitting a £3m VAT evasion. | |
At the High Court in Edinburgh, his assets were confiscated in the biggest single seizure of its kind in Scotland. | At the High Court in Edinburgh, his assets were confiscated in the biggest single seizure of its kind in Scotland. |
Voudouri, who was given six months to pay, said he would appeal the order, made under Proceeds of Crime laws. | |
He set up a scheme to avoid paying VAT during the import and re-sale of computer parts but was snared following an international Customs probe into his business dealings. | |
He used money obtained to finance a luxury lifestyle, including the purchase of expensive cars and a £900,000 house in Bridge of Allan, near Stirling. | |
Further sentence | |
Judge Lord Wheatley ordered Voudouri, who has since been released from jail, to pay a bill of almost £1.3m, the single biggest seizure under proceeds of crime legislation. | |
He faces a further prison sentence if he fails to comply with the order. | |
Voudouri orchestrated an international scam after claiming two of his companies - Fairwood Trading and Cortec Management - were involved in textiles. | Voudouri orchestrated an international scam after claiming two of his companies - Fairwood Trading and Cortec Management - were involved in textiles. |
However, Customs officers exposed a £20m turnover in computer parts. | |
Voudouri, who had a third company, Computer Technics, acquired computer chips from Denmark, Luxembourg and the Republic of Ireland which were supplied VAT-free under EU regulations. | Voudouri, who had a third company, Computer Technics, acquired computer chips from Denmark, Luxembourg and the Republic of Ireland which were supplied VAT-free under EU regulations. |
He sold them on to UK customers, charging VAT at 17.5%, which he failed to declare. | |
The proceeds from the sale of the Bridge of Allan house will be added to that of other addresses in Alloa and London. | |
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