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Former Formula 1 boss Bernie Ecclestone charged with fraud, accused of hiding over £400m in assets

The director of HMRC's Fraud Investigation Service, Simon York confirmed the charges levied on Bernie Ecclestone after a complex and worldwide criminal investigation.

Ritesh Pathak Author

Updated - 12 July 2022 1:56 pm

Bernie Ecclestone

Former Formula 1 Supremo Bernie Ecclestone has landed in massive trouble as he has been charged with fraud and has been accused of hiding over £400m in assets. The 92-year-old is set to be charged with fraud by false representation after HMRC launched an investigation into undeclared oversee assets said to be worth more than £400million. The Crown Prosecution has also authorized the charge after reviewing evidence from HMRC.

Chief crown prosecutor, Andrew Penhale confirmed that the former F1 Chief will be charged after he failed to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m. He also added that criminal proceedings against Ecclestone’s defendant are active and they will have a fair trial. Penhale also urged people to refrain from commentary and sharing information that can prejudice the proceedings.

“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial. It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings,” said Penhale.

Fraud by false representation charge authorized against Ecclestone: Simon York

The director of HMRC’s Fraud Investigation Service, Simon York confirmed the charges levied on Bernie Ecclestone after a complex and worldwide criminal investigation. “We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone. This follows a complex and worldwide criminal investigation by HMRC’s Fraud Investigation Service,” he said.

York also added that stricter actions will be taken against tax fraudsters and also emphasized that no one is beyond their reach. “The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC. HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud. Our message is clear – no one is beyond our reach,” York added.

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