fb

ACCA SPRING SALE 25% OFF

Not the brightest fraudster

Not the brightest fraudster

There are clever frauds and there are not so clever frauds.

Both are morally wrong but this gentleman’s attempt at fraud clearly showed that he wasn’t the brightest individual. It’s also resulted in him receiving an 8 year jail sentence.

Mohammed Shareef from Harrow in the UK ran a number of ice-cream shops and thought that an easy way to fraudulently obtain money was via his VAT affairs.

If somebody is registered for VAT they have to charge VAT on their sales but they can offset any VAT on eligible expenses. If the VAT on their sales is greater than the VAT on their purchases, they pay the balance to the tax authorities. If VAT on their sales is less than the VAT on their purchases, they can reclaim the excess VAT suffered from the tax authorities.

This is where Mr Shareef’s grand plan originated.

His plan was to submit false VAT repayment claims and to do so he needed some false VAT expenses.

Mr Shareef’s plan went to his head though as instead of small amounts, he submitted false VAT repayment claims amounting to £1,669,463 over a number of years.

These claims came to the attention of the authorities and they investigated the expenses. They found that Mr Shareef clearly didn’t have the greatest criminal mind in history.

Ignoring the shops he actually owned, he instead submitted invoices for shops that didn’t even exist.

He also claimed he had no knowledge of certain documents but they were all found on his computer and investigators proved he was the author of the documents.

He also created fake bank statements but these statements were obviously fake as they had spelling errors in them. He also had fake 2012 statements where he had mistakenly put transactions in with a date of 2011.

He was found guilty of cheating the public revenue and sentenced to 8 years in jail.

Share this entry

Related articles

View All Articles

Recent articles

View All Articles
WeightWatchers files for bankruptcy as drugs take over…
May 12, 2025
Title
WeightWatchers files for bankruptcy as drugs take over…
Excerpt

Weight-loss drugs like Ozempic and Wegovy have revolutionised the weight management market, leaving companies which were once dominant […]

A whole new world: Disney’s Middle East move
May 08, 2025
Title
A whole new world: Disney’s Middle East move
Excerpt

The Walt Disney Company has announced its first-ever theme park in the Middle East, set to be built […]

Big 4 beware: Unity’s got $300M and no audit drama…
Apr 29, 2025
Title
Big 4 beware: Unity’s got $300M and no audit drama…
Excerpt

The former boss of EY and the former chief operating officer of PwC in the UK, are launching […]

Nothing to whine about…
Apr 22, 2025
Title
Nothing to whine about…
Excerpt

The wine industry, steeped in centuries of tradition, is experiencing a shake-up that’s sparking debate among enthusiasts and […]

PwC exits 9 African countries
Apr 18, 2025
Title
PwC exits 9 African countries
Excerpt

PwC, one of the Big Four accounting firms, recently announced the closure of its operations in nine Sub-Saharan […]

Using AI to reward staff
Apr 12, 2025
Title
Using AI to reward staff
Excerpt

In a bold move that combines innovation with employee incentives, UK-based law firm Shoosmiths has become the first […]

Barking up the right tree?
Apr 07, 2025
Title
Barking up the right tree?
Excerpt

In a world where businesses are constantly seeking that elusive “wow” factor to stand out, a historic Parisian […]

10 reasons CFOs are leaving…
Apr 02, 2025
Title
10 reasons CFOs are leaving…
Excerpt

Last year, chief financial officers (CFOs) left their roles at the fastest rate in six years, according to […]