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The
suspected fraud involved the trading of emissions
allowances, otherwise known as carbon credits. The man's
age is unknown.
Those
arrested are believed to be part of an organised crime
group operating a network of companies trading large
volumes of high-value carbon credits.
The
fraudulent companies purchase carbon credits from
overseas VAT free sources and then sell them on to
businesses in the UK at a VAT inclusive price.
The VAT
charged by the fraudulent companies is never paid to Her
Majesty's Revenue and Customs.
Seven
people were also arrested in the Gravesend and Greater
London areas and twenty seven properties, both business
and residential, were searched.
A
spokeswoman for Her Majesty's Customs and Revenue
Further said further arrests are likely and the
investigation is continuing.
Source
: Ealing Gazette, UK, dated 25/08/2009
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