Former F1 boss Bernie Ecclestone charged after $475 Million Tax Fraud

Bernie Ecclestone has been charged $475 Million in fraud by false representation as he fails to declare overseas assets to the government.

Former F1 CEO and owner Bernie Ecclestone has been in the limelight for years for his lavish lifestyle. The Former F1 Supremo helped establish the sport across the globe making the sport the spectacle it is today.

He was the CEO of Formula One for over 40 years. In 2016, Ecclestone sold the rights to Liberty Media for a total of US$4.6 billion. Now the 91-year-old has been involved in a major scandal and has been charged with fraud.

Following an investigation by Revenue and Customs (HMRC), Ecclestone has been charged for failure to declare assets of $475 Million. This has been linked to the avoidance of taxes by the British Billionaire.

The investigation was dubbed Operation Gallic by the authorities. A hearing on Ecclestons’s case will take place on 22 August at Westminster magistrates court.

He said, “We can confirm that 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.

“The criminal charge relates to projected tax liabilities arising from more than $475 million 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.”

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What is Bernie Ecclestone’s net worth

Ecclestone started his journey in F1 by purchasing the Brabham F1 team in 1972 for $120,000. He built his empire by making it an international spectacle. The Briton has said to have made $3 Billion from the sale of the sport.

Ecclestone’s net worth is estimated to be worth $3 Billion making him the 65th richest person in Britain as per the Sunday Times. He resides in Switzerland in a $28 Million chalet called, ‘Le Lion’ in the town of Gstaad.

He purchased a mountain in Gstaad called the Glacier 3000 because “he liked it.” He owns a $35 Million Yacht called ‘The Petara’, named after his daughters Petra and Tamara. The 91-year-old also owns a coffee plantation in Brazil, multiple mansions, hotels and other assets.

The British tycoon owns a Dassault Falcon 7x worth $45 Million. He along with Flavio Briatore owned the Queen’s Park Rangers Football team from 2007-11.

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