A BUSINESSMAN suspected of being at the centre of a £50,000 in-come tax evading fraud has been arrested following a series of raids.

Teams of officers from HM Revenue and Customs (HMRC) descended on eight different addresses across Hampshire and beyond, one of which was Spitfire Antiques, Freemantle.

It is believed the major investigation is centred around the business in Paynes Road and led to further raids at four other sites in Southampton as well as others in Portsmouth and West Sussex.

As a result a 50-year-old man was arrested at a residential address in central Southampton on suspicion of evading income tax, excise fraud and money laundering.

As part of the operation 30 HMRC investigators searched three residential addresses, a lock-up and a business premises in Southampton, one residential address in Waterlooville, a business in Portsmouth and one business in Arundel, West Sussex.

The scale of suspected fraud is estimated to be in excess of £50,000. HMRC investigators are now going through a haul of business records seized at all of the premises on Thursday.

During the searches investigators also seized 18 kilos of hand-rolling tobacco and more than £13,000 in cash, which are now being tested to see if they are connected to any criminal activity such as money laundering and smuggling.

John Cooper, assistant director, criminal investigation, HMRC, said: “Tackling tax fraud is a priority for HMRC and we will not hesitate to investigate those suspected of stealing public funds.

“Anyone with information about people who may be involved in this type of fraud can contact the Customs Hotline on 0800 59 5000.”

The man, who was questioned by HMRC on suspicion of cheating the public revenue, the fraudulent evasion of excise duty and money laundering, has been released on bail until February 13, 2015.