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£38 million carbon credit fraud smashed

Seven people have been arrested in the UK in an alleged £38 million carbon credit fraud which involves the trading of carbon credits and the avoidance of paying VAT. Early indications are that the group were allegedly acquiring large numbers of carbon credits overseas, without paying VAT, and selling these in the UK with VAT, although the VAT was never forwarded to the Inland Revenue.

As the net continues to tighten on an array of new and innovative frauds in the UK we are seeing new ideas and new challenges on a regular basis. Officers from HM Revenue and Customs have been working hard on this particular alleged fraud, much of which was instigated overseas with the end product being transferred to the UK. The situation was confused somewhat after the UK government removed VAT from carbon credits on 31 July until the EU was able to arrive at an across-the-board standard for this new and expanding area of business.

As we have mentioned on numerous occasions, instances of fraud have mushroomed since the recession grabbed hold of the UK economy nearly 2 years ago. Despite increased investment in antifraud surveillance it is still proving very difficult for the authorities to keep up with ever innovative fraudsters in the UK and overseas.

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