carousel fraud
n.— «The money is being lost to a swindle described officially as missing trader intra-community fraud, but known to criminals as carousel fraud. It involves bogus companies being set up to trade goods between each other, and Revenue & Customs being tricked into handing over VAT refunds for each fake sale.» —“Revealed: the £5bn-a-year tax fraud” by Ian Cobain, Ashley Seager Guardian Unlimited (U.K.) May 9, 2006. (source: Double-Tongued Dictionary)
Further reading
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