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Industry VAT fraud revealed

A suspected money laundering operation involving construction companies as fronts for a vast VAT scam has been uncovered by police.

Some 14 arrests were made in Northern Ireland and London, linked to the scam.

An HM Revenue & Customs investigation uncovered a suspected £15 million fraud linked to the construction industry, according to the BBC.

Police conducting the joint HMRC PSNI Operation Concentric made raids in Stoke Newington in North London, seizing business records, cash and computer equipment.

An organised crime gang is believed to have created a chain of companies, claiming to sub-contract labour for construction projects, with the intent of disappearing before any tax was paid.