SYDNEY, March 29 (Xinhua) -- The Supreme Court in Australia's New South Wales state on Thursday sentenced businessman Michael Issakidis to 10 years and three months' jail for his involvement in the largest prosecuted tax fraud case in the country, according to authorities.
Issakidis, 73, and co-conspirator Anthony Dickson "deliberately absorbed" 450 million Australian dollars of "otherwise assessable income through falsely created losses overseas" to evade 135 million Australian dollars in corporate tax, netting themselves 63 million Australian dollars in fees, Commissioner of Taxation Chris Jordan said in a joint statement from the Australian Federal Police and the Australian Tax Office on Thursday.
Issakidis' imprisonment follows "the sentencing of co-accused Dickson, who in 2015 was sentenced to 11 years' jail, later increased to 14 years on appeal. Dickson's sentence marked the longest ever jail time for tax fraud and money-laundering."
The duo had set up "a web of false identities to aid their deception and siphoned money" through Britain and the United Arab Emirates using "fake domestic and international companies to fund their lavish lifestyles."
"The sentencing of Issakidis and Dickson are a wake-up call to the lawyers and accountants who devise and promote tax evasion schemes and never think they could go to jail," said Jordan.
"Tax fraud is often complex but, essentially, it can be described as theft. Evading Australian tax obligations directly disadvantages the Australian community. Money raised through tax is used for critical services and infrastructure to benefit a large number of law-abiding taxpayers," the statement quoted Australian Federal Police's Deputy Commissioner Operations Leanne Close as saying.
"The AFP and its partners continuously work to preserve the integrity of the Australian economy. The success of this investigation serves as a warning to those who seek to exploit public funds for their private gains."
