A fifteen year Disqualification Order, the maximum available, has been made against Ulhaque Lone Ahtamad, the sole director of Masstech Ltd, as the result of his involvement in a multimillion pound MTIC VAT fraud.
Timothy Thompson of Kangs Solicitors explains the events.
The Circumstances | Kangs VAT & MTIC Fraud Defence Solicitors
Masstech Ltd (‘the company’), a carbon emissions allowance and metals trader, was wound up for debts owed to HMRC.
It was discovered that the company had made sales in excess of thirty eight million pounds in a four months period between June and September 2009, despite having very little finance in place.
It became evident that the company acted as a ‘buffer’ trader in a typical carousel fraud designed to defraud HMRC of VAT entitlement by wrongful VAT reclaims which resulted in tax losses in excess of seven million pounds.
Insolvency Service Comment | Kangs Specialist VAT Solicitors
Justin Dionne, Official Receiver for the Insolvency Service, said:
“Masstech Ltd was involved in trading and making wrongful reclaims in a fraudulent VAT scheme which had been costing the UK Exchequer significant amounts of money at the time the fraud was perpetrated.
“This is not a victimless crime, the main impact being on honest tax payers and their families who as a result suffered the effects of funding shortages in healthcare, education and other front line services.
“Regulatory changes, investigative action and legal proceedings have reduced the scale of this fraud from 2007 onwards.”
“The Insolvency Service will not hesitate to use its enforcement powers to investigate and disqualify directors whose companies defraud the public purse.”
Ultimately the Court concluded that Ulhaque Ahtamad must have been a knowing participant in this scheme and that a 15 year ban, the maximum period of disqualification, was appropriate.
How Can We Help? | Kangs Fraud And Director Disqualification Solicitors
The team at Kangs Solicitors is enormously experienced in assisting and defending clients alleged to have been involved in MTIC fraud at all levels and has been involved in many of the largest prosecutions throughout the country over the last fifteen years.
Additionally we are accustomed to assisting and defending directors and other company officials in matters arising from Insolvency, Director Disqualification, Regulatory breaches and/or criminal conduct.
Our team is led by Hamraj Kang who is recognised as a leading expert in the field. He is one of only two solicitors nationally to be ranked as a ‘star individual’ for three consecutive years in the legal directory Chambers & Partners.
Other members of the team are ranked in the Legal 500 and also ranked in Chambers & Partners.
Please feel free to contact our team through any of our solicitors named below who will be happy to provide you with some initial advice and assistance.