“I think it might be part of a wider fraud organised by certain political elements…”

The Irish Times reports from Ennis Circuit Court where a 33-year-old sub-contractor has been jailed for six years, with the final year suspended, after a jury convicted him of a €680,000 VAT fraud between January 2001 and October 2003.  From the Irish Times report

Retired Revenue official Michael Downey said yesterday an estimated €15 million went through Floyd’s bank account between July 2001 and June 2004, with almost €7 million lost to the State through VAT payments of €1.6 million and €5.25 million in relevant contracts tax.

Mr Downey said Floyd was not the scam’s main mover, but “this fraud could not have been undertaken without Mr Floyd”.

He added: “Mr Floyd agreed to participate in the regime for financial gain and he did advise on how the financial scheme would work.”

Mr Downey said Floyd claimed VAT refunds of €683,138 and received refunds from the State of €415,536. Floyd’s fee to the others involved for taking part in the scam was the VAT plus 10 per cent, he continued.

Mr Downey said he did not know who the originator of the fraud was. “I think it might be part of a wider fraud organised by certain political elements, but I have no evidence to sustain that.”

Alex Owens SC, prosecuting, said Floyd “cooked the books at both ends” to conceal the fraud.

Mr Downey said the prosecution took place “after a massive investigation” but no other person had been before the courts in relation to the fraud. One of the other participants was dead, “with another disappearing out of the jurisdiction”.