UK Arrests in Carbon Credit Trading Scam – organized crime said to be involved

This is the shape of things to come if Cap & Trade gets passed here.

From Watts Up With That:

Seven people have been arrested and 27 residence and office locations were raided by police over a suspected £38 million pounds (62.8 million dollars) fraud involving the trade of carbon credits to avoid paying the value-added tax (VAT) which is required in the UK.

excerpt:

By Rowena Mason
Published: 7:36PM BST 19 Aug 2009

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.

Read the rest here:

http://wattsupwiththat.com/2009/08/19/uk-arrests-in-carbon-credit-trading-scam-organized-crime-said-to-be-involved/

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