British Tax Office arrests seven in suspected carbon tax fraud
Reuters, London - The British tax office arrested seven people in London on Wednesday in a suspected 38 million pounds ($62.6 million) value-added tax fraud in the European market in carbon allowances, it said.
Officers from HM Revenues and Customs (HMRC) searched 27 properties around London and arrested six men and one woman in early morning raids, the HMRC said in a statement.
“Those arrested are believed to be part of an organized crime group operating a network of companies trading large volumes of high-value carbon credits,” it said.
“It is thought that the proceeds of this crime have then been used to finance lavish lifestyles and the purchase of prestige vehicles.”
The HMRC said further arrests were likely but it could not give the names of those arrested or the companies involved, nor could it estimate the total scale of the suspected fraud or say if it was isolated to Britain.
Under the $90 billion European Union carbon emissions trading market, companies trade permits called EU Allowances that allow them to emit climate-warming greenhouse gases.
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