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October 11, 2022

A London-based accountant has been jailed for two and a half years after making fraudulent VAT repayment claims totalling £160,000.

An investigation by HM Revenue and Customs (HMRC) revealed that Aloke Kundu, 45, of Romford, East London, created bogus paperwork for companies owned by his relatives, to steal and carry out the fraud.

“Kundu, using his accountancy expertise and knowledge abused the trust of the taxpayer and defrauded the nation for personal financial gain,” said Steven Doyle, assistant director of HMRC’s Fraud Investigation Service.

“He should have known better and will now face the consequences of his actions.”

Kundu, an Accredited Financial Analyst and Member of the Institute of Public Accountants, used his Tax Giant Ltd accountancy practice to submit 12 fraudulent tax repayment claims.

Between August 2016 and October 2017, he dishonestly reclaimed £96,000 and attempted to steal a further £64,000 which was withheld by HMRC.

“Tax crime robs our vital public services of much-needed funds. This is money that should be funding the public services we all rely on, such as hospitals, schools and the emergency services,” said Doyle.

“HMRC will continue to pursue the minority of criminals who attack the tax system and we ask anyone with information about suspected VAT fraud to report it to HMRC online.”

Kundu pleaded guilty to VAT fraud at Snaresbrook Crown Court on January 14. He was sentenced to two and a half years imprisonment at the same court on April 1.