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Tax Fraud Trial Begins Today

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Tax Fraud Trial Begins Today

gavel as used in courts

Photo: sxc.hu.

A trial in the case of eight people suspected of a major tax fraud begins in Reykjanes District Court today, RÚV reports. The case first came up more than six years ago.

The accused are suspected of having fraudulently received up to ISK 300 million (USD 2.6 million, EUR 2.5 million) in value-added tax refunds in relation to the construction of two buildings. The problem was that those two buildings were never constructed, and the value-added tax had never been paid to begin with.

Altogether, nine people were arrested during the investigation of the case in the fall of 2010. Five of those were detained by police. One was arrested in Venezuela and was subsequently extradited.

The case was very extensive and began with a tip from a financial institution, suggesting money laundering. Ten houses were searched in connection with the case.

In April of last year, charges were filed against the eight individuals, six men and two women. One of those charged worked at the office of the Directorate of Internal Revenue while the alleged tax fraud took place.

The trial will run for four days.

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