jump to navigation

Nifty Ifti 2007-07-16

Posted by clype in Articles of Interest, Glasgow, Money, Scotland, Statistics.
trackback

‘Diginett Ltd.’ is a cell phone firm run that has turned over as much as the drinks giant ‘Barr’, biscuit firm ‘Tunnocks’, ‘Rangers’ and ‘Celtic’ COMBINED, grossing 281 million GBP in a year, with profits rising from just 668 GBP to 492 465 GBP. But there’s a cloud hanging over this company…

Top 500

Ms.Alison Service, of ‘Scottish Business Insider‘, said:

‘We were going to include this company in our top 500 but we decided not to when we realised there was a cloud hanging over it’

If it were included in this prestigious guide, it would be the 54th most successful in Scotland and in the top 200 in terms of overall profitability.

The brains behind ‘Diginett’ is Iftakar ‘Ifti’ Iqbal, 41, who lives in a 350 000 GBP semi-detached home in Titwood Rd in Pollokshields, Glasgow, with his wife Nismat and family. This same address is registered as the firm’s HQ.

Dirty Money

Three years ago, customs officers confiscated 9000 GBP from his brother, Amer, at Glasgow Airport under ‘The Proceeds of Crime Act‘, as he was about to fly to Dubai.
He claimed it was to be used to buy mobile phones abroad. Amer said ‘Diginett’ bought old cell phones, repaired and repackaged them and sold them in the Far East.

Banks

In 2004-05, ‘The Royal Bank of Scotland‘ wrote to him to say they no longer wished to act as bankers for ‘Diginett’.

Documents also show that Ifti banked 666 679 GBP with the offshore ‘First Curacao International Bank‘ in the Dutch Antilles islands, near Venezuela.

This money was frozen after the bank was closed down by the Dutch government over allegations it was being used by UK carousel fraudsters. Its Dutch owner, John Deuss, has been arrested.

Accountant Mystery

Ifti and ‘Diginett’s’ other employees, Zanid Munir and Ning Zhu, employed abducted accountant Andrew Ramsay as a bookkeeper between 2004-07 and 2005-04. Mr.Ramsay disappeared in 2006-02, and in 2007-05, fishermen found his skull in The Firth of Clyde, near the island of Cumbrae.
Ifti was volunteered himself as a potential witness to detectives at Govan police office.

Nationwide carousel fraud operation

Later Ifti was questioned at his home in 2006-08 by Customs officials working on a nationwide carousel fraud operation in which a total of 67 businesses and homes were searched in the operation that involved 400 officers from ‘HM Revenue and Customs‘ and 100 police officers. Twenty-two people were arrested — 15 of them in Scotland. Ifti was not one of them.

  • No-one has been charged with anything and they all deny any wrong-doing.

The Scam

A carousel scam involves two companies: one imports, say, 20 000 GBP of goods into Britain but claims they are worth 1 million GBP. VAT is not paid as they are from the EU. The goods are then sold to another crooked firm, which ‘pays’ the VAT to the first firm which ‘disappears’ and the VAT is not paid to ‘HM Revenue and Customs‘. The second firm exports them and claims back the VAT — 175 000 GBP on a 1 million GBP deal.

Advertisements

Comments»

No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: