Dubai<\/a><\/strong>, funded his empire with his crimes and must now pay back \u00a390,503,211 with the sale of his properties in Preston, London and overseas.<\/p>\nThe homes and business premises he owned will be taken off him after a confiscation order was granted by a judge at Chester Crown Court on Thursday.<\/p>\n
Carousel fraud involves chains of fake business transactions used to steal VAT repayments.<\/p>\n
Goods are moved between different companies in a circular pattern. This creates false export and import records used by criminals to claim back large sums from tax authorities.<\/p>\n
Patel’s Ferrari 575 Superamerica will also be sold at an auction.<\/p>\n
\n
\n<\/div>
Mohamed Jaffer Ali. (Image: HMRC)<\/span><\/figcaption><\/figure>\n<\/div>\n <\/p>\n
His operation stole millions through VAT repayment claims on false exports of mobile phones and textiles.<\/p>\n
They also imported and sold counterfeit clothes. These would have been worth \u00a350m had they been genuine.<\/p>\n
Patel also owned properties in Morocco, the United Arab Emirates, Saudi Arabia and Turkey.<\/p>\n
His restrained property assets will be sold and the money put back into the public coffers under the order.<\/p>\n
During a 14-week trial, Patel and his co-accused, Mohamed Jaffer Ali, 61, of Dubai, were both found guilty in their absence of fraud and money laundering offences.<\/p>\n
\n
\n<\/div>
The Ferrari 575 Superamerica. (Image: HMRC)<\/span><\/figcaption><\/figure>\n<\/div>\n <\/p>\n
‘Patel lived a lavish lifestyle at the expense of the law-abiding majority’<\/strong><\/p>\nRichard Las, director, Fraud Investigation Service, HMRC, said: “Arif Patel lived a lavish lifestyle at the expense of the law-abiding majority, but he will now lose the property empire he amassed from the proceeds of crime.<\/p>\n
“Our work never stops at conviction. For the last two years, we’ve worked with police and CPS partners to secure one of the biggest criminal confiscations we’ve ever recovered.”<\/p>\n
Mark Winstanley, Assistant Chief Constable, Lancashire Constabulary, said: “Arif Patel was the head of a Preston-based organised crime group responsible for causing millions of pounds worth of losses to multiple companies.<\/p>\n
“His actions, motivated by greed, directly impacted on the taxpayer.”<\/p>\n
\n
\n<\/div>
The gang imported and sold counterfeit clothes as part of their illegal scheme. (Image: HMRC)<\/span><\/figcaption><\/figure>\n<\/div>\n <\/p>\n
Patel ran his illegal scheme using Preston-based import\/export company Faisaltex Ltd.<\/p>\n
He travelled to Dubai in July 2011 and failed to return. He was tried in his absence at Chester Crown Court, where he was found guilty of all charges.<\/p>\n
Together, Patel and Ali were sentenced in their absence to a total of 31 years in prison. The UK has a formal extradition treaty with Dubai.<\/p>\n
Source: \u00a0news.sky.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"A fraudster on the run from Britain will lose his \u00a390m property empire and his Ferrari, a judge has ruled. Arif Patel, 57, from Preston, Lancashire, led a gang convicted in 2023 of one of
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