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.
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.