The U.S. will return $1.2 million in forfeited funds to Romania, stemming from a tax fraud scheme involving diesel fuel. A Romanian couple avoided Romanian taxes on imported diesel fuel by claiming the fuel was a lower grade of industrial and maritime fuel. The untaxed income from the sale of the higher value diesel was laundered through a number of bank accounts and shell companies controlled by the couple, and resulted in an overall $58.677 million tax loss to Romania. Before they could be arrested, the couple fled to Washington state, but eventually were extradited, leaving behind a large piece of property and assets that were sold. The funds from the sale will be returned to the government of Romania.
(www.justice.gov/opa/pr/12-million-be-returned-romanian-government-victim-international-tax-fraud-and-money, www.justice.gov/opa/pr/12-million-be-returned-romanian-government-victim-international-tax-fraud-and-money)
CPAs, get four hours of fraud CPE with our Fraud Essentials for CPAs Webinar. Click here for more information.
