UK Arrests Four More In Suspected CO2 Tax Probe
Date: 21-May-10
Country: UK
Author: Michael Szabo and Gerard Wynn
British tax investigators arrested four more people on Thursday they said were believed to be connected to a 38 million pound ($54.5 million) suspected tax fraud in European carbon credit trading.
The HM Revenue and Customs (HMRC) investigators also found firearms and large amounts of cash during the early morning raids on seven properties in London and Leicester areas, the agency said in a statement.
"These arrests are the result of the hard work that our investigators have carried out during a sustained and complex 15 month operation," said Chris Martin, an assistant director at the HMRC.
None of those arrested was named by HMRC.
The arrests are linked to raids that took place in August 2009 where nine individuals were arrested, HMRC said.
"All those arrested today and last August are believed to be part of an organized crime group operating a network of companies trading large volumes of high-value carbon credits."
In late April, Germany and Britain arrested 25 people in connection with suspected tax evasion in carbon permit trading.
European prosecutors are investigating a suspected 5 billion euro ($6.66 billion) tax evasion in carbon trading across at least 11 countries, under the EU Emissions Trading Scheme.
Raids and other measures have also been carried out in Spain, Norway, Denmark, Belgium, Finland, the Netherlands, Portugal, the Czech Republic and Cyprus, prosecutors said.
(Editing by James Jukwey)
