A BOLTON accountant has been arrested by HM Revenue and Customs after an investigation into his financial affairs.

The unnamed 27-year-old-male was arrested on suspicion of tax fraud offences, and has been bailed until February 2015 while investigations continue.

The HMRC searched two properties in Bolton and seized laptops, business records and mobile phones for forensic examination, following early morning raids carried out yesterday.

Sandra Smith, Assistant Director of Criminal Investigation at HMRC, said:

“This is an investigation into what we suspect is a well-organised, professional attempt to manipulate the UK tax system in order to steal around £50,000 – money which would otherwise be used to finance the UK’s vital public services.

It is believed he set up a scheme to illegally claim income tax rebates on behalf of fictious clients, and making false claims for VAT refunds and tax credits.

A ‘significant’ amount of cash was also discovered by officers, which has been detained as the potential proceeds of crime.

Anyone with information can contact the customs hotline on 0800 595000.