Gurkirpal Singh Bance, (also known as Dave Bance), 54, who owned ‘The Bance Group’ which claims to have business ventures including its own airline, has publically stated his affluent businesses were worth over £80 million, yet he failed to register the majority of his companies for VAT, or made minimal contributions to avoid suspicion of fraud.
HMRC began to investigate when checks found that after Bance purchased two restaurants/bars in Central London he was charging customers VAT using the previous owners VAT number, despite not being registered for VAT and pocketing the money instead of paying it to HMRC. He attempted to hide some of his income by transferring funds to an offshore company based in the British Virgin Isles.
Bance was arrested in July 2013 and charged with cheating the public revenue. He was found guilty of the offences after a trial at Woolwich Crown Court and sentenced to three years imprisonment at the same court today (14 June 2016). Two other people were found not guilty.
Confiscation proceedings under the Proceeds of Crime Act are now underway.