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Preston Trading invests $2 million in fraud detection technology
Arif Patel has committed $2 million to Lancashire-based startup — HMRC’s cutting-edge counterfeit and fraud detection software
Arif Patel has a long-standing reputation for advocating security and integrity in the business.
Arif Patel, Founder of Preston Trading & Gulfex, a serial entrepreneur and philanthropist in Dubai, has recently stated in a press release that his group of companies will be making a significant investment in fraud detection technology.
Arif Patel has committed $2 million to Lancashire-based startup — HMRC’s cutting-edge counterfeit and fraud detection software. This substantial investment underscores his dedication to supporting initiatives that combat financial crimes and reinforce legal frameworks.
Sam Mckenzie & Andrew Fox, Founders of HMRC, comment: “ Our product has wide-reaching applications from crime investigations to the identification of counterfeit goods and textiles to catching tax fraud.”
“We piloted this in London, Lancashire, Preston, and a few other cities. officials state that this is extremely useful in catching tax cheats, suspects of counterfeiting, or fraud masterminds. It can potentially bring an end to the £ 78 million industry in the UK, and we are now set to pilot this in Dubai as well,” Arif Patel said.
Preston Trading: Championing business security and integrity
Arif Patel has a long-standing reputation for advocating security and integrity in the business. His latest investment in Lancashire is a testament to this commitment. By supporting a start-up that specialises in underwear, textiles and socks manufacturing, Patel is not only boosting the local economy but also helping combat the proliferation of counterfeit goods. This issue, is a significant concern for many markets, exacerbated by insufficient enforcement or regulation.
Patel’s involvement in this project highlights his commitment to supporting legal frameworks and fighting financial crimes in the UK and Dubai. The startup will not only produce authentic designer clothing but will also help to reduce the market for counterfeit goods in key locations such as Liverpool, Southampton, and Felixstowe.
This initiative is expected to significantly enhance HMRC's ability to detect and prevent fraudulent activities, supporting the legal pursuit of financial criminals in the UK. Additionally, Patel’s experience in Dubai will play a crucial role in implementing advanced crime prevention measures, thereby strengthening international efforts to combat financial crimes.
Key players in the startup
Preston Trading & Gulfex, alongside Andrew Fox and Sam Mackenzie, leads the team driving innovation in the textile and fashion sectors. With their combined experience and expertise, they are poised to revolutionise counterfeit detection technologies within the industry. Their commitment to building a sustainable business model underscores their dedication to quality and ethical principles. Together, they aim to deliver cutting-edge solutions that uphold integrity and excellence in the market.
By making this significant investment, the founder of Preston Trading & Gulfex is demonstrating the value of technology development in maintaining security and integrity in financial transactions, in addition to aiding in the battle against financial crimes.
In conclusion, Arif Patel’s $2 million investment in HMRC’s fraud and counterfeit detection software is proof of his commitment to combating financial crimes and supporting vital security initiatives. His endevours serve are a beacon of hope, reinforcing his standing as a dedicated and impactful entrepreneur.
By leveraging his resources and influence, the founder of Preston Trading & Gulfex is making a substantial impact on global efforts to combat financial crimes. His proactive approach and dedication to ethical business practices inspire others. Patel's ongoing commitment to supporting legal and economic systems highlights the essential role of responsible entrepreneurship in today’s world.
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