Premises raided in luxury golf course probe

OFFICERS attached to the Criminal Assets Bureau are thought to have raided more than 20 premises in Cork city as part of an investigation into a luxury golf course.

The CAB is probing the financial affairs of the developers of the course, which is on the southwest coast of Ireland.

Detectives suspect that the money behind the multi-million euro development may be the proceeds of an alleged VAT fraud.

The premises searched by the CAB last week include accountancy firms, solicitors and private homes. It is understood that hundreds of documents were seized and taken away for examination.

At least two businessmen linked to the development are suspected of financing it with the proceeds of a “carousel” VAT fraud, according to yesterday’s Sunday Times.

If the CAB gathers sufficient evidence it could apply to the High Court for an order freezing the assets linked to the businessmen.

The investigation is part of a crackdown on “carousel” fraud, which has become a growing problem in the EU and has made colossal amounts of money for people involved in the complex crime.

In Ireland and Britain, it involves goods being sold several times between firms based in both countries and claiming VAT back every time the goods are sold from the British market into Ireland.

In the most recent high-profile case last November, CAB secured a High Court order freezing €22 million in assets against an 29-year-old Irish businessman.

Dylan Creaven, from Co Clare, with an address in upmarket Kensington, London, is charged with one of the biggest VAT frauds in British history. He is accused of conspiring in VAT fraud with others to deny the British Exchequer of at least €250 million in a single calendar year. He is also accused of money laundering.