Thursday, November 29, 2007

How To Make £10m A Year

£10.2m pa- a new record

In this blog, we explained how Mr Dido Mayue-Belezika managed to make £6m pa. He worked as a postman, nicked chequebooks, and used them to blag £20 mill. Then, even though he was one of the unlucky 24% of criminals to get detected, he only got sentenced to six and a half years. But as we know, since in British prisons you're only expected to serve half your sentence, it was actually only three and a quarter years. £20 mill divided by three and a quarter equals £6 mill pa. Lovely.

Now lay preacher Malcolm Edwards-Sayer has done even better. He's just been given ten years for a £51m VAT fraud. So that's five years inside, equals £10.2 mill pa. Yes, it's a new record.

Malc made his money on the Carousel. We've blogged VAT Carousel fraud several times (eg here and here): in essence, it involves setting up a chain of bogus import-export deals and reclaiming VAT which had never been paid in the first place. And until recently, HMRC paid up no questions asked. Which was nice.

Still, even at £10m pa, just like Mr Mayue-Belezika, Malc was unlucky. Not only did he get caught, but his Crown prosecutors actually managed to get through the trial without tripping over their own shoe laces. Eight (yes, EIGHT) other defendants walked free due to what the judge called "comprehensive failures" by the prosecution.

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