The alleged tax fraud tied to Glenn Wheatley's incarceration has been arrested

The tax accountant who allegedly set up a $300 million network of tax avoidance schemes - one of which resulted in the incarceration of concert promoter Glenn Wheatley - has reportedly been arrested in Italy.

According to Adelaide's The Advertiser this morning, Jersey-born Britain-based Philip Egglishaw was detained on May 3 for his involvement in Project Wickenby, Australia's largest investigation into tax evasion.

Egglishaw apparently triggering an Interpol notice after he left Switzerland for Italy.

Source: Interpol

Project Wickenby was formed by the Australian Tax Office and the Australian Crime Commission in 2005. Police claimed Egglishaw lured prominent Australians into tax evasion schemes.

Those Australians included entertainer Paul Hogan who allegedly had $US34 million stolen from Egglishaw. Hogan was investigated by the ATO over eight years and settled the dispute in May 2012.

Promoter Glenn Wheatley was also a victim of the tax scam. He was jailed for 15 months in 2007 for failing to declare income from two events, a John Farnham concert and a boxing match.

Project Wickenby resulted in 46 convictions, 76 charges, and $2.3 billion in tax liabilities being recouped.

Read more about the results of the Project over at ato.gov.au.