The man faces charges over allegedly making false entries in the company’s GST returns to evade GST amounting to more than $4.26 million.
Between October 2012 and June 2014, the man is alleged to have fraudulently traded high-value electronic goods totalling about $252 million through the company, before creating false invoices to support GST refund claims by exporters.The man also faces charges over allegedly making false entries in the company’s GST returns during the same period of time to evade GST amounting to more than $4.26 million.
He will be charged with one amalgamated count of forgery over forging suppliers’ sales invoices. Multiple instances of the same criminal offence can be combined into a single charge for some offences to allow for cases to be dealt with more effectively.Lastly, he will be charged with two amalgamated counts of falsifying accounts. Each charge carries a term of imprisonment of up to 10 years, a fine, or both.
The original upstream seller then disappears without paying the collected GST to Iras, hence the term “missing trader”, the statement said.
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