A Mr R was brought to the attention of the Fiji Financial Intelligence Unit for possible unexplained wealth and tax evasion by conducting high value deposits totalling $2 million over the course of four years.
He received salary deposits totalling $737,440 from November 2019 to November 2021 into his personal bank account. It was also noted that Mr R conducted voluntary contributions to his superannuation fund totalling $2.419 million from October 2016 to February 2022.
These deposits were conducted through bank cheques from business accounts. Further analysis established a discrepancy of $8.34 million between the taxable income declared by Mr R and the deposits received into his bank and superannuation accounts.
Initial analysis revealed that Mr R was previously brought to the attention of the Fiji FIU for diverting business funds into his personal account.
Mr R used his personal account to conduct business transactions, and received large cheque and cash deposits of more than $500,000 in a 10 month period.
A case dissemination report was provided to the Fiji Revenue and Customs Service in 2010.
The Fiji FIU analysis also established that Mr R was a civil contractor and director of two entities.
A case dissemination report was provided to the Fiji Revenue and Customs Service for further profiling and investigation on Mr R for possible tax evasion and unexplained wealth.
The indicators are unusual deposits from business bank account into personal superannuation fund account, income declared did not match the large volume and value of deposits received into the bank accounts and individual accumulated unexplained wealth.
