It claimed back VAT on bogus Europe-wide business transactions in a scam known as carousel fraud.

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Q-Tech are said to have made a fortune by claiming back VAT on false Europe-wide business transactions in a scam known as carousel fraud.

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Mr Stone said because the same commodities can go round and round from importer to export broker and back again, the scam is known as a carousel fraud.

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And traders submitting suspect claims for VAT refunds are being told they cannot have the money if HMRC thinks there is evidence the transactions were part of a carousel fraud.

BBC: Paul Gerrard