£3.3m repayment demand for convicted VAT fraudster

A convicted fraudster from Essex who created a fake trade in computer memory sticks has been ordered to repay £3.3m from his VAT scam or serve a longer sentence

Robert Waterman, formerly of Chigwell, is currently behind bars after a HMRC investigation into £4.7m in VAT he falsely claimed in repayments between April 2013 and March 2015.

Waterman must now sell his assets including a £1.15m home, a Land Rover Sport, a Lexus, a Mercedes, another property in Ilford and various expensive watches after a court ordered him to hand over the money.

He has three months to repay the criminal profits or he faces another eight years in prison, having been jailed for six years at Chelmsford Crown Court in October last year.

Waterman’s fraud involved reclaiming VAT on memory sticks he said had been exported to Dubai through his company Asset Innovations UK Ltd. In fact, there were no memory sticks, and he was faking invoices and posting empty parcels to a PO Box address in Dubai.

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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