A company director accused of conspiring to cheat the British revenue collectors of £162 million sterling of VAT appeared before a British magistrates court in London today.
Mr Dylan Creaven (29) of De Vere Gardens, Kensington, central London, also faces a further charge of money laundering.
The businessman is alleged to have been involved in a "carousel" fraud in which his company, Silicon Technology Europe, moved computer processing units back and forth between Ireland and Britai but avoided paying VAT.
Mr Creaven, originally from Ennis, Co Clare, was arrested on Tuesday following a joint investigation by the Irish police and customs officers, who worked with British customs authorities.
Mr Creaven spoke only to confirm his name, age and address.
No application for bail was made and he was remanded in custody until next Wednesday.