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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