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Last Updated: Tuesday, 28 November 2006, 12:45 GMT
Fraudster faces 1m payback bill
Michael Voudouri (pic by Spindrift)
Michael Voudouri was jailed for four years following the scam
A businessman jailed in 2004 for a major VAT fraud has been ordered to pay back more than 1m by a judge.

Michael Voudouri, from Alloa in Clackmannanshire, was jailed for four years at the High Court in Glasgow after admitting a 3m VAT evasion.

At the High Court in Edinburgh, his assets were confiscated in the biggest single seizure of its kind in Scotland.

Voudouri, who was given six months to pay, said he would appeal the order, made under Proceeds of Crime laws.

He set up a scheme to avoid paying VAT during the import and re-sale of computer parts but was snared following an international Customs probe into his business dealings.

He used money obtained to finance a luxury lifestyle, including the purchase of expensive cars and a 900,000 house in Bridge of Allan, near Stirling.

Further sentence

Judge Lord Wheatley ordered Voudouri, who has since been released from jail, to pay a bill of almost 1.3m, the single biggest seizure under proceeds of crime legislation.

He faces a further prison sentence if he fails to comply with the order.

Voudouri orchestrated an international scam after claiming two of his companies - Fairwood Trading and Cortec Management - were involved in textiles.

However, Customs officers exposed a 20m turnover in computer parts.

Voudouri, who had a third company, Computer Technics, acquired computer chips from Denmark, Luxembourg and the Republic of Ireland which were supplied VAT-free under EU regulations.

He sold them on to UK customers, charging VAT at 17.5%, which he failed to declare.

The proceeds from the sale of the Bridge of Allan house will be added to that of other addresses in Alloa and London.


VIDEO AND AUDIO NEWS
Michael Voudouri's 900,000 home could be seized.



SEE ALSO
Payback for jailed VAT fraudster
21 Nov 06 |  Tayside and Central
1.8m confiscated from criminals
26 Oct 06 |  Scotland

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