A London scrap metal dealer who paid no income tax or National Insurance for seven years, but used two Harrods safe deposit boxes to stash nearly £500,000 in cash, has been sentenced for tax fraud.

The hidden money was found during a joint investigation of Dean Packman's activities by HMRC's Criminal Taxes Unit (CTU) and the Metropolitan Police. Packman admitted it was the profit from his scrap metal and shelving business, even though he had not been licensed with the local authority to deal in scrap metal until January 2011. The amount of tax evaded is estimated at £497,500 during 2003 to 2010.

At Isleworth Crown Court Packman pleaded guilty to the charges of fraudulent evasion of income tax and was sentenced to eighteen months in prison, suspended for two years, 200 hours community service and costs of £2,500. A confiscation order of £502,093 was granted and this has been paid.

Gary Forbes, CTU assistant director, said: 'Dean Packman evaded paying tax for a substantial period of time, thinking he was above the law - he was wrong. He had no consideration for law-abiding taxpayers who pay what is due and now has a criminal record. We have also recouped over £500,000 from Packman's criminal activities.'