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Seven arrested for alleged carbon credit fraud crimes

Published on 20 Aug 2009 under category: legal

Seven people have been arrested for alleged fraud crimes relating to the trading of carbon credits to avoid paying value added tax (VAT).

Officers from HM Revenue & Customs believe that organised crime figures have begun buying and selling the credits, which are issued to firms which emit carbon dioxide.

Those accused of being part of the fraud crimes are believed to have purchased carbon credits from overseas and sold them on to businesses in the UK at a VAT-inclusive price.

As well as making the arrests, officers also raided 27 properties in Gravesend and London which the authorities think are linked to the fraud crimes.

Les Beaumont, deputy director of criminal investigation for HM Revenue & Customs, said the organisation is determined to get to the bottom of the case.

"We always aim to recover the proceeds of crime, restoring that money to the public purse where it belongs. That is our intention in this and all similar cases," he stated.

Meanwhile, Dominic Keane, a former director of Celtic FC, has been charged with defrauding the Bank of Scotland of £2,336,039, the Scotsman reported.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.