On 20th October, the Guardian reported that Paul Bell, who has been accused of masterminding a massive tax fraud scheme, has secretly agreed to settle claims of £67 million with the liquidators of his former companies. He is said to have struck the confidential deal in May, according to documents filed at Companies House in September by the insolvency firm RSM. He was also a director of the online bookmaker 666Bet, which was promoted by the football manager Harry Redknapp before it folded. He has also has been investigated by HMRC for an alleged massive VAT fraud carried out through payroll companies in the Isle of Man that processed hundreds of millions of pounds in wages for legitimate businesses. This was part of Operation Bannock, an HMRC-led investigation involving police officers from across the UK, as well as investigators on the Isle of Man and the Channel Islands. While he was arrested in 2015, he has not been charged and he has previously “vigorously denied any wrongdoing”.
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