Accountant jailed for VAT fraud

Accountant jailed for VAT fraud

Four-year sentence given to accountant for travel company scam

A west-Midlands accountant was jailed yesterday for four years for
masterminding the theft of £2.6m in VAT.

Parmjit Singh Rana, 47, set up 19 fake travel businesses across the UK, which
were used by three accomplices to launder the profits of the fraud. He created a
bogus firm, Siverwood Accountants, which handled VAT returns for the travel
companies and validated them in order to secure repayments from
HM Revenue
& Customs
.

HMRC investigators found Rana instructed his co-defendants, who were
sentenced for a total 30 months, to set up bank accounts, which they used to
reclaim VAT on zero-rated travel services. They withdrew the repayments credited
by HMRC in cash.

Adrian Farley, assistant director of criminal investigation for HMRC, said:
“We are determined to take the strongest possible action against professionals
who direct organised criminal activity and will now work to reclaim the proceeds
of this crime.”

A confiscation order is being pursued and assets of £2.75m have been frozen.

Rana, who managed Rana Accountants and Anderson Accountants, was also
disqualified from being a company director for ten years.

Further reading:

Head
of tax role ditched at RSM Tenon

Resources & Whitepapers

How to optimise your compliance lifecycle

How to optimise your compliance lifecycle

4m
The new rules of accounting

The new rules of accounting

4m
5 ways internal productivity can boost your profitability

5 ways internal productivity can boost your profitability

4m
Crushing the Four Barriers to Growth

Crushing the Four Barriers to Growth

4m

Related Articles

Immediate action required to meet new AML legislation

Accounting Standards Immediate action required to meet new AML legislation

2m Chris Jewers
Video: Integrated Reporting – A corporate reporting framework fit for the 21st Century

Corporate Governance Video: Integrated Reporting – A corporate reporting framework fit for the 21st Century

3m Tom Lemmon
Deloitte report shows companies putting 'success factors' ahead of profit

Audit Deloitte report shows companies putting 'success factors' ahead of profit

4m Leanna Reeves
The 5th Money Laundering Directive: mandating electronic verification

Corporate Governance The 5th Money Laundering Directive: mandating electronic verification

10m Martin Cheek, MD of SmartSearch
FRC: new “rigorous requirements” for Stewardship Code

Corporate Governance FRC: new “rigorous requirements” for Stewardship Code

1y Emanuela Hawker, Reporter
Changing the corporate governance framework

Corporate Governance Changing the corporate governance framework

1y Nick Graves
What is the role of governance, compliance, and control in financial transformation?

Corporate Governance What is the role of governance, compliance, and control in financial transformation?

2y Workday | Sponsored
Corporate governance: staying ahead in accountancy

Corporate Governance Corporate governance: staying ahead in accountancy

2y Alia Shoaib, Reporter