Three UK financial advisers exposed in Panama Papers arrested for $171 million tax fraud.
A large investigation in the UK resulted in the arrest of 3 financial advisers on July 21, 2016. The arrests came as a part of a raid by the UK’s HM Revenue & Customs (HMRC) authority. The perpetraitors arrest was for tax fraud.
The search for the fraudsters required more than 30 officers from the HMRC. The officers raided several addresses including a business. This took place in two different regions in the UK, the Northwest and the Midlands.
£132 million (about $171 million) is the total suspected amount of tax fraud in this case. The release of the Panama Papers in 2016 helped track down these UK financial advisers. This is how they it became clear that they were avoiding paying taxes. The Panama Papers scandal was the biggest document leak in history. The documents caused global uproar. This is because they exposed how wealthy people hid their funds to evade taxes. The scandal provided evidence of celebrities, politicians, billionaires not paying taxes.
A lot of this tax evasion occurred through the use of offshore bank accounts and shell companies. This is the reason for the arrest of the three UK financial advisers. Using offshore accounts and shell companies makes it difficult to locate funds. If the funds are difficult to find it is easier to evade taxes.
The names of the these three UK perpetraitors were not released for legal reasons. According to HMRC “a man aged 56 was arrested in Greater Manchester, another man aged 67 was arrested in Derbyshire, and a man aged 59 was arrested in Warwickshire.” All three men got released on bail in 2016 with no charges against them.
ICIJ – The International Consortium of Investigative Journalists.