UPDATED: REVENUE investigators are checking large currency exchange transactions through banks in Donegal ‘and elsewhere’ on the trail of undeclared cash from an investment scheme, we can reveal this morning.
The new revelations follow our story yesterday on how one man who made cash in the Etic Solutions scheme deposited large sums in a New York bank account.
We are told that money was not declared to the Revenue and was deliberately deposited abroad to avoid tax.
Now we have learned that Revenue investigators plan to trawl through the transactions of dozens of individuals and their family members and associates to see if they can find other deposits.
“There will be no hiding place,” vowed one source.
“This is a complicated investigation. We will follow the details we have and we will follow the money and that will lead us to those who tried to avoid tax.”
Cops on both sides of the Border want to question Mr Francois de Dietrich about his investment scheme and his claims he could give investors 40% returns in six weeks.
They believe it was an illegal Ponzi scheme which had not been registered with the authorities.
They are also checking documents which included logos and claims about approval from major international businesses without their knowledge.
A judge in Belfast has ordered the immediate imprisonment of de Dietrich after a claim in court by the UK Financial Services Authority that he continued to seek ‘investments’ after a restraining order banning him from doing so was issued.