Tears of joy as Irishman acquited of £14m UK fraud

An Irish businessman wept today after a jury unanimously acquitted him of a £14m (€20m) British VAT fraud.

Dylan Creaven, aged 31, had been accused of teaming up with a “ramshackle” array of off-the-shelf British companies that “existed only to defraud” the tax man.

David Cocks QC, prosecuting, claimed he supplied them with “vast consignments” of VAT-free computer chips that were then resold, this time with the tax added.

However, instead of passing 17.5% to Customs and Excise, it was allegedly sent “on instructions” to Creaven.

But the defendant, of Woodstock, Ennis, Co Clare, who pleaded not guilty to two counts of conspiracy to cheat the public revenue between December 29, 2000 and October 13 the following year, denied any wrongdoing.

The former director of Silicon Technologies Limited told London’s Blackfriars Crown Court he had traded with the British companies in good faith.

He never once suspected anything amiss, and was “distraught” to now find himself in the dock.

The seven woman, five man jury trying the month-long case took eight hours over two days to clear him of both charges.

As the second verdict was returned, he buried his head in his hands and wept.