Investment company directors charged with tax fraud FEDERAL Police have arrested two directors of listed investment company CVC, and a third associated man who was attempting to board a flight to Switzerland, as part of its Operation Wickenby investigation. Businessmen Vanda Gould and John Leaver, directors of Sydney-based CVC, were arrested at their homes last night and Belgian national Peter Borgas, who has ties to the men, was arrested as he allegedly attempted to board a flight to Switzerland. The men were charged with tax and money laundering offences relating to the transfer of $30 million under an alleged "round-robin" offshore tax evasion scheme. "Today's outcome is a warning to people who abuse tax secrecy havens," said Australian Taxation Office deputy commissioner Greg Williams. We will hold tax cheats accountable. The Australian Federal Police (AFP), which is conducting the operation with the ATO, said it had executed nine search warrants yesterday, which led to the arrests. The three men charged allegedly made a $4.9m benefit from the tax evasion, the ATO said. The men are alleged to have dealt with the $30m transferred as an "instrument of crime." "Inquiries are ongoing and further arrest and operational activity is likely," the AFP said. On its website, CVC spruiks itself as "one of the pioneering venture capital firms in Australia." CVC has been contacted for comment but has not yet responded. CVC Group is in no way related to London-based global equity giant CVC Capital Partners, which manages about $46 billion in funds.