Two men were questioned on Thursday by HM Revenue & Customs (HMRC), on suspicion of offshore tax evasion believed to have cost the Exchequer over GBP1mn.
The move follows an investigation into a number of business and personal offshore bank accounts being operated by the individuals.
Two private residences in Greater Manchester have been searched, along with business premises and a third address.
Roy Clark, Director Criminal Investigation for HMRC, announced that:
"This is an important and significant operation. It reflects our determination to pursue criminals who may think they are beyond our reach."
"Tax evasion is not a victimless crime. Honest citizens have to meet the cost of the tax that is evaded by a minority who are dishonest. Tax cheats deprive our public services of vital funding. Those who have hidden income and gains should make a prompt and complete disclosure to HMRC."
A man arrested at his home has been bailed pending further investigation and possible criminal proceedings.
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