Former Formula 1 boss Bernie Ecclestone has been accused of fraud! British prosecutors say he concealed a huge fortune

Former Formula One boss Bernie Ecclestone will face fraud charges as a result of his false statements, according to the Guardian. British prosecutors have come forward with information that Ecclestone failed to declare the vast fortune he had overseas.

Following an investigation by the British tax authorities, it is now clear that Ecclestone failed to declare his overseas assets worth more than £400 million.

The British prosecutor’s office, and therefore the attorney general’s office, said on Monday that it had allowed the charge of “fraud by false declaration.”

The now 91-year-old Briton was the boss of Formula One for nearly 40 years before the reign over the world’s most lucrative motorsport was taken over by US company Liberty Media in 2017.

According to the Sunday Times, Ecclestone built up a huge fortune during his time in Formula 1, around £2.5 billion to be precise. The first hearing will take place at Westminster Magistrates Court on 22 August.

The lead prosecutor, Andrew Penhale, said that the CPS (Crown Prosecution Service) had reviewed a set of evidence from HMRC (Her Majesty’s Revenue and Customs) and approved the charges against Ecclestone.

“The CPS reminds all concerned that the criminal proceedings against this defendant are ongoing and that they have the right to a fair trial. It is extremely important that there is no reporting, commenting or sharing of information online that could in any way prejudice these proceedings,” said the UK prosecutor, quoted by The Guardian.

“HMRC is on the side of honest taxpayers and we will take tough action whenever we suspect tax fraud. Our message is clear – no one is beyond our reach,” said director of fraud investigations Simon York.

Sources: The Guardian, Sky Sports