Cost of The Fraud
According to the case Federation of Technological Industries v Customs and Excise Commissioners ( EWCA Civ 1020) in 2002-3 the estimated cumulative cost of such frauds to the UK alone was between £1.65 and £2.64 billion (US$2.9 to $4.62).
According to the BBC, "So-called 'missing trader' or 'carousel' fraud is estimated to cost European taxpayers up to £170bn a year - twice the European Union's annual budget."
The fraud has mutated and now can incorporate all high value goods such as designer goods, health products, jewellery etc.
Read more about this topic: Missing Trader Fraud
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