By
Christopher Leake
Last updated at 10:05 PM on 11th February 2012
Sixteen City workers, including several Royal Bank of Scotland employees, have been arrested in a series of dawn raids as part of a probe into alleged tax offences involving millions of pounds.
The operation followed weeks of undercover surveillance and is understood to centre on claims that the highly paid staff failed to pay tax after investing in a film financing scheme.
The financiers – including four current and one former employee of Government-backed RBS – were woken at 6am by criminal investigators from HM Revenue Customs.
Sixteen City workers including several Royal Bank of Scotland workers have been arrested
Dressed in plain clothes and driving unmarked cars, the tax officials used their powers of arrest in the co-ordinated raids across London and the Home Counties on Wednesday.
The suspects’ houses were searched and it is understood that computer equipment was removed for forensic examination. The suspects, none of whom has been named, were released on police bail after being interviewed by tax officials. It is not thought anyone has been charged.
Those arrested included up to three London staff of Jefferies, the global investment group, and one from Marex, a commodities brokerage.
The alleged offences, which date back to 200, relate to private investments and do not involve the business activities of the finance houses or their clients.
Sources said the arrests related to a film financing scheme, details of which had been disclosed to the tax authorities, who later ruled it was illegal.
An RBS spokesman said last night: ‘We cannot comment about an ongoing investigation.’
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