Investor Paul Bell arrested in VAT probe
A BUSINESSMAN with stakes in a number of North West companies including listed property services firm Styles and Wood, is at the centre of a £21m VAT and money laundering investigation.
Isle of Man-based Paul Bell was arrested at Heathrow airport last month as part of Operation Bannock, a joint money-laundering investigation by HM Revenue & Customs and the National Crime Agency.
As well as being the largest shareholder in south Manchester-based Styles and Wood with 35.2%, he is a director of online betting company 666Bet, and a former investor in stockbroker and wealth manager WH Ireland and Yorkshire building supplies firm Heywood Williams.
He is also director of Hexagon Services UK, a business that provides accounting services for contractors, which is based at Trident Business Park near Manchester Airport.
In the course of the investigation, six other people were arrested and 13 properties were raided – including some in Cheshire and Manchester – and £1m in cash was also seized.
Mr Bell, 49, an economics graduate from The University of Manchester and a former stockbroker, is reported to be worth more than £400m.
A source close to the businessman, told The Independent on Sunday newspaper that Mr Bell is an active part of the community in the Isle of Man, and “vigorously denies any wrongdoing”.
It is understood that Mr Bell was arrested first at Heathrow and then upon his return to the Isle of Man.
Bet666 – which launched an advertising campaign fronted by football manager Harry Redknapp – has had its gaming licence suspended by the Gambling Commission.
Mr Bell’s arrest has plunged one of his investee companies into crisis. Shares in Ultrasis plc have been suspended amid a bid to raise £5.375m, which cannot go ahead without his support.
