ADAM Cranston, the son of the former ATO deputy commissioner, spent more than $ 200,000 on two Italian racing cars just weeks before his arrest.
ADAM Cranston spent over $ 200,000 on two Italian racing cars just weeks before his arrest in Australia’s biggest white-collar crime case
Court documents reveal that Cranston, 30, the son of former ATO deputy commissioner Michael Cranston, deposited $ 203,000 into an Italian bank account in early April for two Wolf GB08 Tornado cars.
Michael Cranston resigned from the ATO after his son and daughter Lauren were among nine people charged with an alleged $ 144 million tax evasion scheme. There is no indication that Michael Cranston, 57, was part of the scheme, but he was accused of using information and exercising his influence as a public officer for the benefit of his son.
A sworn statement from an AFP officer said the Wolf cars were made in Italy and the payment was for “2x racing cars”.
Bank statements in the affidavit, which were heavily redacted, showed $ 239,000 had been withdrawn from a Westpac Bank account to which Adam Cranston had access in March.
The money was transferred to an account held under Synep Racing Team Pty Ltd – of which Adam Cranston was the sole administrator – before $ 203,000 was deposited into the Italian account.
An auto industry website reported in April that Synep Racing Pty Ltd would enter the Wolf vehicles in the first round of the Australian prototype series.
Adam Cranston lived a lavish lifestyle until his arrest, with much of his property and assets seized by federal police under proceeds of crime laws.
The racing cars were discovered on a property in Dudley Park, South Australia, on May 18 during a raid by AFP agents and are now in police custody.
Earlier this week, ATO commissioner Chris Jordan told the National Press Club of Canberra
the joint AFP-ATO investigation into the alleged scheme was an excellent investigative job, but left the ATO “appalled”.
Mr Jordan said the charges against Adam Cranston had been difficult to understand.
âThe charges against Michael Cranston have also been hard to believe and at the ATO we are appalled by the events that have unfolded in this regard.
“The connection and alleged actions because of her son have ruined his career and reputation and compromised our reputation and raised questions about the integrity of others within the ATO.”