Wealthy investors who traded shares through offshore companies have become the latest target for the government's crackdown on offshore fraud.

The FT reported on Saturday that HMRC was investigating 70 individuals with the aim of recouping about £35m in capital gains tax evaded.

HMRC is asking an unnamed US investment bank to disclose details of its clients who live in the UK and who have been allegedly using it to conduct the transactions.

The government has been very successful recently in attempts to recover tax lost to offshore fraud, successfully pursuing one high street bank for 75,000 clients' details earlier this year.