Swiss extradite convicted fraudster

Carousel fraud is the theft of VAT from a government by someone who exploits the way VAT is treated within multi-jurisdictional trading where the movement of goods between jurisdictions is VAT-free. Between May 2000 and January 2001 Woolley conducted an 'elaborate' fraud through professing to trade in mobile phones. Controlling a network of companies to create the illusion of trade, Woolley was able to exploit EU rules on VAT-free movement of goods between member states and defrauded the Treasury of over £38m. Woolley was convicted of conspiring to cheat the public revenue in December 2...