Fraudster from UK living in Dubai to lose £90m property empire and Ferrari

A fraudster on the run from Britain will lose his £90m property empire and his Ferrari, a judge has ruled.

Arif Patel, 57, from Preston, Lancashire, led a gang convicted in 2023 of one of the UK's biggest carousel tax frauds. The sock manufacturer, who now lives in Dubai, funded his empire with his crimes and must now pay back £90,503,211 with the sale of his properties in Preston, London and overseas.

The homes and business premises he owned will be taken off him after a confiscation order was granted by a judge at Chester Crown Court on Thursday. Carousel fraud involves chains of fake business transactions used to steal VAT repayments.

Goods are moved between different companies in a circular pattern. This creates false export and import records used by criminals to claim back large sums from tax authorities.

Patel's Ferrari 575 Superamerica will also be sold at an auction. His operation stole millions through VAT repayment claims on false exports of mobile phones and textiles.

They also imported and sold counterfeit clothes. These would have been worth £50m had they been genuine.

Patel also owned properties in Morocco, the United Arab Emirates, Saudi Arabia and Turkey. His restrained property assets will be sold and the money put back into the public coffers under the order.

During a 14-week trial, Patel and his co-accused, Mohamed Jaffer Ali, 61, of Dubai, were both found guilty in their absence of fraud and money laundering offences. 'Patel lived a lavish lifestyle at the expense of the law-abiding majority' Richard Las, director, Fraud Investigation Service, HMRC, said: "Arif Patel lived a lavish lifestyle at the expense of the law-abiding majority, but he will now lose the property empire he amassed from the proceeds of crime.

"Our work never stops at conviction. For the last two years, we've worked with police and CPS partners to secure one of the biggest criminal confiscations we've ever recovered." Mark Winstanley, Assistant Chief Constable, Lancashire Constabulary, said: "Arif Patel was the head of a Preston-based organised crime group responsible for causing millions of pounds worth of losses to multiple companies.

"His actions, motivated by greed, directly impacted on the taxpayer." Read more from Sky News:Ex-prisoner found guilty of murdering guardThai prime minister sacked after leaked phone call Patel ran his illegal scheme using Preston-based import/export company Faisaltex Ltd. He travelled to Dubai in July 2011 and failed to return.

He was tried in his absence at Chester Crown Court, where he was found guilty of all charges. Together, Patel and Ali were sentenced in their absence to a total of 31 years in prison.

The UK has a formal extradition treaty with Dubai..