A NEWPORT businessman has been arrested on suspicion of VAT fraud estimated at £320,000. HM Revenue and Customs (HMRC) criminal investigators arrested the man on Wednesday (25 September).

HMRC spokesman Bob Gaiger said:

“Tackling tax fraud is a key priority for HMRC and we will not hesitate to investigate those suspected of stealing public funds. Anyone with information about people who may be involved in VAT fraud can contact the Customs Hotline on 0800 59 5000.”

An address used for both residential and business purposes was searched, and business records and computer equipment removed as part of the investigation.

The man, 50, was interviewed and released on bail until 17 January 2014. Investigations continue.