Major money is going missing.
Gardaí have made a fresh arrest as part of a major investigation tasked with tackling a €29million “VAT carousel” operation.
The man, who is in his 50s is being detained at Castlerea Garda station.
A VAT carousel – also known as “missing trader fraud” – involves a party selling goods with VAT included, and then avoiding paying that VAT to the government.
The Garda National Economic Crime Bureau commenced a multi-agency investigation in September 2016 into a multi-million euro VAT carousel operation. Funds were identified moving through bank accounts across a range of financial institutions linked to various companies in Ireland and Northern Ireland, under the control of an organised crime group. Large sums of money were subsequently transferred to bank accounts in a number of foreign jurisdictions.
According to a spokesperson for An Garda Síochána, “VAT carousels involve more than one jurisdiction and numerous layers to facilitate the alleged movement of goods which in turn leads to the state being defrauded of VAT. This type of fraud involves supplier companies, V.A.T. registered entities, customer companies and transport companies.”
In May of this year, one woman in was arrested and detained in Louth, under the provisions of Section 50 of the Criminal Justice Act 2007, for questioning. She was released without charge.
The investigation is ongoing.
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