Websites for fraudulent telecommunications service providers based in the U.K. managed to squeeze $4.7 million out of federal coffers over five years before investigators with the Canada Revenue Agency caught on to the scheme.
The proceeds were put into Canadian banks, then transferred to offshore accounts or used in real estate transactions.
Earlier this week, the Canada Revenue Agency announced investigators had carried out raids at three homes or businesses in Ontario (Richmond Hill, Victoria Harbour and Ajax), as part of their probe into the “tax fraud and money laundering scheme.” Their counterparts in Britain’s tax authority, Her Majesty’s Revenue and Customs department, did simultaneous searches at six locations in that country.
“By increasing our collaboration with our domestic and international partners, the CRA is taking an active role in ensuring a fairer tax system, where those who abuse the laws face consequences for their actions,” the agency said in a statement at the time.
Read more at National Post
This article is summarized by Canadian Fraud News Inc.
Marina Burghard writes for Canadian Fraud News about fraud-related cases, whistleblower, jurisdiction, identity theft, consumer protection, etc. – essentially about scams and how to protect yourself against this kind of fraudulent criminal behavior. She holds a Master’s degree in Political Science where her interest in criminology grew. Besides fraud, Marina’s scientific interest lies in terrorism, extremism and how to deal with it as a society.