Thursday, August 20, 2009

Seven Arrests in the UK for Suspected Carbon Credit Trading Fraud

Interestingly, the sale of carbon credits itself isn't the fraud they're investigating. In the holy crusade to save the planet, some heretics appear to be playing for the money. Rowena Mason (Telegraph) reports:

Officers from HM Revenue & Customs searched both residential properties and offices in both Gravesend and London targeting an alleged network of organised crime.

Members are believed to have been trading large volumes of high-value carbon credits from overseas sources free of VAT.

Tax investigators believe these may then have been sold on to businesses in the UK charging VAT that is never paid to the authorities.

Officers said further arrests are likely, adding that the proceeds of this alleged crime have been "used to finance lavish lifestyles and the purchase of prestige vehicles".
Shocking, isn't it? Who would have guessed that scheisters would take advantage of this noble cause? It's such a flawless idea -- we really should expand it to include this:

(Thanks to Watts Up With That and Bob's Bites)

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