Cashing in on the carbon scam

“Frankfurt prosecutors said on Friday they had arrested four people in Germany and Britain in connection with suspected tax evasion in carbon permit trading and 50 more people were being investigated.  …

Apart from tax evasion, the authorities were also looking into allegations of money laundering, the Frankfurt prosecutor’s office spokesman said.

“There have been raids and other measures in Britain, Denmark, Belgium, Finland, the Netherlands, Norway, Portugal, the Czech Republic and Cyprus,” he said.

The probe in Germany, where total damage is estimated at 180 million euros ($239.7 million), follows investigations in Britain, France, Spain, Norway and the Netherlands into carbon credit fraud over the last year.  …

European police agency Europol last December put the amount of damage from fraudulent EU carbon credit trading at more than 5 billion euros in the previous 18 months.”  “Germany Arrests 4 In CO2 Probe, 50 More Suspects

“A major cross-border investigation into alleged fraudulent trading of carbon credits has resulted in 22 UK arrests in a case linked to raids at Deutsche Bank.  …

Criminals mainly from Britain, France, Spain, Denmark and Holland are estimated to have pocketed €5bn (£4.5bn).”  “Tax officers arrest 22 in UK carbon fraud probe

“The raids come after Europol, the European criminal intelligence agency, last December issued a warning that ETS fraud had resulted in around €5 billion in lost revenues.

In announcing its investigations into the pan-European racket, the agency said that as much as 90 percent of the entire market volume on emissions exchanges was caused by fraudulent activity.”  “Anti-fraud investigators swoop on EU emissions traders


One Response to “Cashing in on the carbon scam”

  1. ammodytes vipera meridionalis Says:,1518,691194,00.html

    you may have seen this already…

    On the other hand, the Germans import nuclear, coal, and hydro power and while they have significant employment in manufacturing solar panels and tall fans, their domestic renewable production is insgnificant in percentage terms.

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