Fraud epidemic destroys trust in “carbon” trade

\ Leave a Comment \ by
Handcuffs

A suit in handcuffs. Only the educated, trusted men can engage in theft on this grand scale — £156 million! This story concerns GST fraud (called VAT in Europe) but there are easier scams occurring in the carbon trading field, based on the simple fact that the only thing being sold is thin air. Actually, it’s worse than that: they’re selling CO2. Unmeasurable, invisible and useless to both buyer and seller. At least air is of some use. What a confidence trick!

Sends shivers down the spine, this does. For, not only does “regular” carbon trading take food from the mouths of mothers and babies, but fraudulent activities, increasing costs and therefore prices, take even more. How long before it turns up in New Zealand, if National really does launch its ill-advised scheme on July 1? The most important part of the story waits until the last two paragraphs, though I’ve flagged it in the heading. Further comments below.

First published by BusinessGreen, 30 Apr 2010

by BusinessGreen.com staff

German carbon fraud investigation moves to UK

Prosecutors confirm that four arrests have been made in €180m fraud investigation

German prosecutors today confirmed they have arrested four people in Germany and the UK following raids on more than 50 homes and offices this week in connection with an alleged €180m (£156m) carbon fraud. Continue Reading →

Visits: 112

Posted in: General \ Tagged: , , , , ,