Sock manufacturer Arif Patel of Preston and his criminal gang tried to steal £97m through VAT repayment claims on false exports of textiles and mobile phones.

They also imported and sold counterfeit clothes that would have been worth at least £50m had they been genuine. The proceeds were used to buy property across Preston and London through offshore bank accounts.

Following a joint investigation between HMRC and Lancashire Police, Patel has been found guilty of false accounting, conspiracy to cheat the public revenue, the onward sale of counterfeit clothing and money laundering. He will be sentenced next month but failed to attend the trial as he fled the country in 2011 and is living in Dubai.