Seven Men have been sentenced today at Birmingham Crown Court for Fraud. They were sentenced for their roles in a missing trader fraud which involved mobile phones and computer parts. The total number of years which these individuals face amounts to over 40 years.
The UK legislation also gives prosecuting authorities powers to investigate and apply to confiscate assets belonging to such fraudsters. In the above case, assets have already been traced in several countries all of which the prosecuting authorities intent to make the subject of a confiscation order.
Missing trader fraud (MTIC fraud) is costing HMRC billions of pounds per year. With the recent increases in the VAT rate, the profit margins for such fraudulent activity have simply increased. This makes this type of fraud much more attractive. As well as increased detection methods, HMRC are pursuing confiscation orders much harder.
