Man on trial over charges involving £120 million

Published on 02/10/2012 02:49

A MAN has gone on trial facing fraud and other charges involving more than £120 million.

Shahid Ramzan, 40, of Cortachy Crescent, Broughty Ferry, Tayside, denied the offences, and the trial at the High Court in ­Edinburgh is expected to last until Christmas.

A co-accused on one charge, Jayne Ramzan, 40, of Kellas Road, Dundee, also pleaded not guilty.

Shahid Ramzan is accused under the Proceeds of Crime Act of receiving from six named companies, or businesses, sums of money totalling £114.8m by electronic transfer into business accounts held under his control at the Royal Bank of Scotland, Kilmarnock, between October 2003 and July 2004.

He faces three charges under the Value Added Tax Act, dating from 2002 to 2004.

He is said to have been concerned in MTIC VAT fraud by trading through Cortachy Wholesales Ltd, of Dundee, with other VAT-registered companies in computer parts, mobile phones and accessories, and fraudulently evading VAT liability of £13,755. One of the other companies, Global Communications Ltd, evaded more than £2m of liability.

A second charge claims that Shahid Ramzan engaged in ­similar trading through Happyhillock Ltd, of Glasgow, and evaded nearly £900,000 of VAT liability. The trial continues.