“Carbon Hill Inc†speaks after UK authorities raid offices suspected of involvement in carbon credit fraud.
“Carbon Hill Inc†has spoken out against what it calls the “despicable†practice of carousel fraud†after British tax authorities raided offices and homes as part of a sting on alleged carbon-trading fraud.
“Carbon Hill Inc†said that unscrupulous individuals and companies, recognizing the growing awareness of greenhouse gas reduction among global companies and entire nations, had begun hijacking a most noble cause to line their own pockets.
Carousel fraud relates to a situation whereby a bogus and often entirely fictional trader buys pollution permits in the European Union‘s emissions trading scheme (ETS) in one country without paying VAT or sales tax. They subsequently sell them on in another EU country with the VAT added on but vanish before paying the difference to the authorities.
“Carbon Hill Inc†sources said that the unscrupulous “missing traders†were taking advantage of the relative inexperience of many market participants and added their voice to the clamor for more stringent and harmonized systems whilst warning that prevarication could lead to the eventual failure of a “most worthwhile†venture due to a complete loss of confidence.