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August 24, 2009

Organized Crime Involved in Carbon Credits

Posted by Dave Blount at August 24, 2009 9:24 AM

Somebody warn Al Gore — in Britain, carbon credit conmen have been arrested for fraud:

Seven people have been arrested and 27 addresses raided over an suspected £38m fraud involving the trade of carbon credits to avoid paying value-added tax (VAT).
Officers from HM Revenue & Customs searched both residential properties and offices in both Gravesend and London targeting an alleged network of organised crime.
Members are believed to have been trading large volumes of high-value carbon credits from overseas sources free of VAT.
Tax investigators believe these may then have been sold on to businesses in the UK charging VAT that is never paid to the authorities.
Officers said further arrests are likely, adding that the proceeds of this alleged crime have been "used to finance lavish lifestyles and the purchase of prestige vehicles".

Shockingly, these prestige vehicles may not include hybrids.

Good thing we don't have a federal VAT here — yet. But to pay off the deficits the Moonbat Messiah is running up we soon will.

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On a tip from Hope Angel. Hat tip: Watts Up With That.