Fraudulant UK Business Earns £300m VAT; Claims to Have Bought and Sold £2bn During 8-Month Operation

Admission of £300m VAT fraud by a former police officer is supposedly the biggest in UK history.

Director of Ideas 2 Go (I2G), Nigel Cranswick, has claimed to have bought and sold at least £2bn worth of goods over an eight month period.

The Sheffield Business Park based firm, which traded largely in mobile phones and computer software, was fictitious and aimed to generate paperwork from fake sales to claim a fortune in VAT from HM Revenue and Customs (HMRC), said 47-year old Cranswick.

This case took five long years to investigate and, according to a close source, it is perhaps the largest of its kind ever taken to court.

Prosecution documents state that "in its eight-month trading life, I2G's business documentation reveals that it purported to buy and sell goods, in many thousands of deals, to the value of at least £2bn.”

"This included about £300m of VAT, which it was purportedly charged by its suppliers,” The Guardian reported.

The fictitious company had paperwork supposedly showing sales of those phones that are not yet available or at a cost that is far above the real wholesale price.