Wednesday, May 26, 2010

Four arrested over trading carbon credits

London & Leicester UK
Four people were arrested in early morning raids on 20 May 2010 by HM Revenue & Customs (HMRC) officers investigating a £38 million suspected VAT fraud. The alleged fraud involved the trading 'carbon credits' which are emission allowances.

The fraudulent companies allegedly purchased carbon credits from overseas VAT free sources and then sold them on to businesses in the UK at a VAT inclusive price. The VAT charged by the fraudulent companies was never paid to HMRC.

News Distribution Service

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