Carbon trading gang jailed over VAT fraud

A criminal gang who carried out a £38m VAT fraud in the carbon trading market through a chain of fraudulent trades has been jailed for a total of 35 years at Southwark Crown Court.

The case, thought to be first of its kind, comes after a three-year investigation by HM Revenue & Customs.

The gang set up a chain of bogus companies in order to trade fraudulently in European Union emissions allowances – known as carbon credits.

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