An on-the-run convicted fraudster from the UK has been ordered to repay £90million through the sale of his property empire and Ferrari supercar. Sock manufacturing businessman, Arif Patel, 57, who is on the run in Dubai, was handed a 20-year jail sentence two years ago after leading one of the UK’s biggest carousel tax frauds.

Carousel fraud involves chains of fake business transactions used to steal VAT repayments. Goods are moved between different companies in a circular pattern, creating false export and import records that criminals use to claim back large sums from tax authorities. Patel, from Preston, will now have homes and business premises that he owned taken from him after a confiscation order was granted by a judge at Chester Crown Court on Thursday.

His 575 Superamerica will also be sold at an auction. In 2011, Patel went to Dubai but never returned.

He and his co-accused Mohamed Jaffar Ali, 61, of Dubai, were found guilty in their absence of fraud and money laundering offences following a 14-week trial in 2023.

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.

Twenty-four other members of their gang received prison sentences totalling 116 years following the joint investigation by HMRC and Lancashire Police.

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 the taxpayer. The confiscation order granted for £90 million will ensure funds are returned to the public purse, thereby recovering his criminal gains.

‘Mohammed Jaffar Ali was Arif Patel’s trusted financial enabler in Dubai and he too has been made subject to a confiscation order for £677,000.’