Carousel fraud: all the fun of the (un)fair | Practical Law
On 21 September 2006, HM Revenue & Customs confirmed that it had participated in an operation that led to the closure of a small Caribbean bank, after it was found that every individual arrested and charged with missing trader or "carousel" fraud in the last two years had an account there. This is only the most recent in a series of operations by HMRC targeting carousel fraud.