Europol Arrests More Than 100 In Carbon Trading Fraud
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December 28 2010
A scheme even Bernie Madoff would endorse
!!! UPDATE: Read the Europol Press Release here !!!
- Estimated 5 billion euros in damage for European taxpayers
- Massive fraud involving criminal networks / Middle East
Here’s more proof that trading of CO2 emission certificates is fraught with fraud and attracts seedy criminal organizations – all costing the consumers and taxpayers billions.
The Austrian online Kleine Zeitung here reports that Europol have raided an elaborate CO2 emissions scam in Italy and have arrested more than 100 persons. The Kleine Zeitung writes: “The damage runs in the billions of euros”.
According to Europol, the Italian tax authorities, directed by the Milan Prosecutor’s Office, have raided 150 companies in Italy. The fraud involves evasion of value added tax with CO2 emission certificates. More than 100 have been arrested and are suspected of being involved in organised crime.
The Kleiner Zeitung reports that the Italian Electric Utilities trading markets had earlier suspended entire trading with emissions certificates “because a high number of suspicious transactions”. The loss in tax revenue just from VAT (MTIC (Missing Trader IntraCommunity Fraud) alone is estimated to be 500 million euros, the online Kleine Zeitung writes.
The fraud is widespread
According to reports, it’s been known since June of last year that criminal organizations have been using CO2-emissions trading for defrauding governments of value added tax.
This is not the first time that police raids of this scale have taken place. It’s the latest in a series of raids that have been carried out all over Europe this year, all involving the trading of CO2 emission certificates. It seems the authorities just can’t keep up with the swindlers out there.
Norway, Switzerland and the EU countries Belgium, Czech Republic, Denmark, Latvia, the Netherlands, Slovak Republic and Portugal are all among the countries trying to identify the network of criminals behind this massive fraud – a fraud with links to criminal networks operating outside the EU and in other continents, like the Middle East.
2500 investigators – trying to identify! That’s a lot of fraud. The fraud has spread from science to finance. Expect a meltdown – sooner than later.
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Comments
And they have their governments to thank for it.
Is it fear of retribution, or simply racist protectionism?
And yes! There are other Kosher players involved like Goldman Sachs. Bernie would be proud indeed!
The claim is this story named a bunch of countries involved in this fraud but then just referred to the Middle East. If you read the story, you would see the named countries are trying to identify the network of criminals behind this massive fraud – a fraud with links to criminal networks operating outside the EU and in other continents, like the Middle East.
Although I didn't realize the Middle East is a continent all of a sudden, HAHAHA, When did that happen? HAHAHA.
But to make a claim they named all the other countries and not Israel, and just referred to Israel as the Middle East is a wrong statement to make here.
If you read the article you would see that it isn’t what is being said here, or that or you don't understand English enough to know what it says!
Also, at the bottom of the article, there is a source to this link, take your points about what countries are named or not there. It’s not like this web site wrote this story, the fact is, this web site just sharing it to viewers like your self. And yes the source has a blog spot there too!
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