Hedge fund alleges $230m tax scam

Hermitage Capital Management has claimed that fraudsters have allegedly stolen $230m (£115m) from the Russian tax authorities in a tax scam.

The scheme allegedly involved the forgery, impersonation and the theft of three investment companies, according to Hermitage. The companies fraudulently re-registered ownership of the companies before making false tax rebate claims, the FT reported.

Hermitage is now in the process of filing criminal complaints over the affair.