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Prosecutors indict 70 for tax fraud

Prosecutors indict 70 for tax fraud

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Published : 2013-12-15 19:52
Updated : 2013-12-15 19:52

The prosecution has indicted 70 operators of ghost companies for issuing fake receipts worth around 2 trillion won ($1.89 billion) to assist their clients in tax evasion.

The Supreme Prosecutors’ Office said Sunday it has arrested 58 in a crackdown on the illegal businesses since September. They were indicted on tax evasion and other charges. An additional 12 people were also charged without detention.

They are accused of making illegal profits by issuing fake receipts for dealings in waste copper, scrap metal and oil products since 2009.

They reportedly spent vast sums of the illegal money to purchase luxury vehicles and for entertainment, according to the prosecution.

The investigation conducted jointly with the National Tax Service came as the government stepped up its fight against tax dodgers.

An increasing number of criminal organizations set up paper companies to issue fake tax documents and the business areas are also becoming increasingly diversified from gold to refinery oil and now mobile markets.

The operation by the NTS and prosecutors is also part of an ongoing investigation under the Park Geun-hye administration into corporate executives, politicians and many more high-income earners who dubiously evaded tax payments through loopholes.

The government reportedly needs a total of 135 trillion won to carry out Park’s costly welfare and other pledges, and the NTS has been seen taking a leading role in seeking funding through harsh investigations and prosecution.

By Oh Kyu-wook (596story@heraldcorp.com)

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