'Most Wanted' Brit Criminal Held ,BE A CRIMESTOPPER

One of Britain's most wanted criminals has been arrested in his home country of Hungary.

Dennis Hunter, 58, was being hunted in connection with a major VAT fraud, which is thought to have cost the Treasury around £250m.

The suspect, who featured in a top ten list of British police's most wanted fugitives, now faces extradition back to the UK, where he is due to face charges.

He is accused of being behind a massive 'carousel fraud' operation, which is said to have taken place between May 2001 and August 2003.

The crime - also known as Missing Trader Fraud - is costing European Union states billions of pounds a year.

It occurs because cross-border transactions within the EU are zero-rated for VAT, allowing crime syndicates to exploit this and pocket millions.

They buy goods from one member state, then add on VAT, and sell it on in another European country.

The seller then disappears without handing over the VAT to the taxman.

the crime had "risen considerably" in recent years because of the proliferation of high-value, low-weight goods like mobile phones.

The UK Government estimates it was swindled out of £4.75bn in 2006 alone.

It is not known where in Hungary Budapest-born Hunter was detained.

Police had earlier thought he was hiding in the Costa Blanca area around Alicante.

If you want tobecome a crimestopper,log on to www.crimestoppers-Uk,org