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bernie madoffA 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.

Source

Comments  

 
# Ralph 2010-12-28 13:17
Estimated 5 billion euros in damage for European taxpayers

And they have their governments to thank for it.
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# John 2010-12-28 13:55
@Ralph: Yeah, we are not happy with it..
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# Ralph 2010-12-28 17:03
You all need your own Green Party.
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# Ralph 2010-12-28 17:04
OOps That should be TEA party.. sorry being mad doesn't help guide the fingers.
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# anne 2010-12-29 02:51
I do not give a damn about this fraud, because the whole carbon trading/credit scheme is one bl..dy government fraud. What I am very concerned about though is EUROPOL!!! what, who and how will they be policing next? We are heading for the communist regime of Europe!! Things like this give them an excuse to put draconian measures in place to control the populace (their true intention)
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# Russ 2010-12-29 03:29
I guess Anne, because they really done nothing but crackdown on the scammers of their government throey! all the government scammers seem to get a free pass, as usual!
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# Russ 2010-12-29 03:30
Theory, that should be!
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# jeff 2010-12-29 12:42
The Middle East, eh? That would be israel i GUESS AS IT IS NOT NAMED AND ALL OTHERS ARE
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# P.R. Jr. 2010-12-29 12:58
Why are you afraid to name Israel after naming the others involved in this criminal conspiracy?
Is it fear of retribution, or simply racist protectionism?
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# Russ 2010-12-29 13:17
What others did they name?
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# Stealth 2010-12-29 14:07
Notice how the names of countries are identified until the get to the Middle East, and it stops? I wonder why that is?
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# Russ 2010-12-29 16:14
Did you even read this? The countries named are investigating/trying to identify the fraud supposedly?
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# Nestor 2010-12-29 16:34
"Middle East" = Israel

And yes! There are other Kosher players involved like Goldman Sachs. Bernie would be proud indeed! :D
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# escapefromobamastan 2010-12-29 23:49
"and in other countries, like the Middle East" Hmmm... dare I say it - as in Israel?
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# alvin 2010-12-30 03:32
middle east is code word for israel , just to keep you in the dark by not identifying it
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# Russ 2010-12-30 04:05
So tell me again what other countries did they name? And yes Israel is in the Middle East, and probably has something to do with this too, but that isn't the point here.

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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