A fraudster in the UK has been ordered to repay £3.8 million for a VAT fraud involving a Manx company he set up.
Jaswant Raykanda, 45, of Sutton Coldfield was sentenced to four-and-a-half years in 2006 after a massive Revenue and Customs investigation into the £54 million ‘missing trader’ fraud.
The operation centred around importing mobile phones in a circle of transactions which avoided paying UK VAT.
The companies were based in the West Midlands, Lancashire and in the Island.
The confiscation order for £3.8 million was made by Worcester Crown Court against Raykanda who has until October to pay it – or face a further seven and a half year jail term.
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