LONDON (Reuters) - The UK tax authorities have named seven people charged with value-added tax fraud in the European carbon market, Her Majesty’s Revenue and Customs (HMRC) said on Wednesday. All seven people were charged with conspiracy to cheat the public revenue and conspiracy to transfer criminal property representing a person’s benefit from criminal conduct, HMRC said in a statement sent to Reuters.
European tax authorities are investigating tax evasion, known as carousel fraud, relating to the sale of EU carbon permits, which they have estimated to be worth over 5 billion euros ($6.84 billion).
Following raids and arrests made in August 2009 and May 2010 related to suspected value added tax fraud in the European carbon market, HMRC said it charged the following individuals:
Sandeep Singh Dosanjh, aged 28, from London
Dhanvinder Singh Basra, aged 25, from Hounslow
Navdeep Singh Gill, aged 30, from Slough
Sandeep Harry, aged 26, from Gravesend
Pritpal Singh, aged 24, from Erith
Ranjot Singh Chahal, aged 34, from Southall
Kernjit Gill Dhillon, aged 29, from Slough
All suspects have been made to surrender their passports and travel documentation, HMRC added.
A second hearing will take place on February 1 at Southwark Crown Court in London.
Reporting by Nina Chestney; Editing by William Hardy and Anthony Barker