THE DIRECTOR of a broker business has been convicted of a £760,000 VAT fraud and planning to defraud the taxman of a further £3.5m.
Israr Javid from Glasgow is awaiting sentencing, which is likely to be custodial, the BBC has reported. The High Court heard how he bought in computer components in the Republic of Ireland, on which no VAT was charged.
Javid used false invoices to claim that VAT had been paid, saving his company Blueridge Brokers £760,212 in VAT between November 2001 and March 2002.
HMRC investigators also found that Javid was planning to submit a claim that would have saved him £3,484,923 in VAT using more false documents.
Judge Lord Uist told Javid: “You have been convicted by the jury of a serious and brazen fraud on the public purse… You should be in no doubt that you face a sentence of several years in prison.”
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