07 Oct 2016
Robert Waterman, of Vicarage Lane, Chigwell, was investigated by HM Revenue and Customs (HMRC) who found he had created a fake trade in computer memory sticks to fraudulently claim £4,757,858 in VAT repayments between April 2013 and March 2015.
Waterman used the proceeds from his fraud to buy a £1.15m house with no mortgage, drive a Range Rover Sport and fund a holiday home in Marbella, Spain. He also bought a £310,000 property outright in Ilford.
The 43-year-old claimed to be exporting memory sticks to Dubai through his company Asset Innovations UK Ltd. He would then reclaim all the VAT as they were being exported outside the EU.
In reality Waterman, who was already banned from being a company director, was not exporting or even buying the memory sticks. Instead he was forging purchase invoices for the goods and sending empty parcels to a PO Box address in Dubai.
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