Gang jailed for £38m carbon credits VAT fraud

Sandeep Singh Dosanjh, Navdeep Singh Gill and Ranjot Singh Chahal set up a chain of bogus companies in order to fraudulently trade in the EU emissions allowances through a complex 'missing trader' scheme in a six-month period, starting in January 2009. After the bogus companies imported the carbon credits free of VAT into the UK, they sold the credits on, charging VAT which was never paid to HMRC, and then dissolved the importing companies. The credits were then sold on again between three further "buffer" companies - also run by the gang - before being sold on to legitimate companies...