Seven arrested over £38m fraud
August 20, 2009
Six men and a woman have been arrested in connection with a £38m VAT fraud involving the trading of carbon credits in the UK.
Up to 30 properties were searched in London and Kent by officers from the UK Border Agency and police.
The suspects are thought to be part of a group working in a network of companies trading in carbon credits.
The fraudulent firms buy carbon credits from VAT-free sources and sell them on to businesses at a VAT-inclusive price.
The VAT charged by the fraudulent companies never makes its way to Revenue and Customs.
Officers from Europol, the European Union law enforcement organisation that handles criminal intelligence, are helping Revenue and Customs with the investigation.
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