Tax fraud in CO2 certificates: indictment against German bank employee – n-tv.de NEWS

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 Saturday, July 25, 2015

 
 
 

 
 For years that rogue traders have cheated in CO2 certificates and surreptitiously million to turnover. Several of them have already been convicted. Now the prosecutor’s office wants to bring employees of Deutsche Bank in court.
 

 
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In the fraud case to CO2 allowances according to a report for the first time Deutsche Bank employees to come to court. The Frankfurt prosecutor raise charges against eight employees of the bank, which would have made with the VAT fraudsters common cause, reported the news magazine “Der Spiegel”. In addition, they would have secured by the business higher bonuses and commissions. Three other employees would probably without charge of up to a dozen will further determined.

The competent Prosecutor General’s Office Frankfurt did not want to comment. They determined by its own account against 26 employees or former employees of the Bank. The Institute explained that an internal investigation to the CO2 affair would last at. “We cooperate with the authorities,” said a German bank spokesman said.

In the case concerns a VAT carousel, with an impostor ring said to have evaded taxes in the hundreds of millions, by the CO2 certificates as were often moved across borders, to the last link of the chain is allowed to refund sales tax that had never been paid.

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Six CO2 merchants had been sentenced in late 2011 in Frankfurt to prison terms of between three and almost eight years. Some had testified that they had been received by Deutsche Bank with open arms, while other institutions denied them cooperation. The German bank had taken up the cause of promoting the 2009 newly established CO2 trading scheme.

masterminds of fraudulent VAT carousels should be a Briton, who was arrested in the spring in Las Vegas in the US and just before the extradition to Germany is. Investigators accuse him of having provided the capital to purchase the CO2 emission allowances available, among others. About a company in Dubai, he had introduced the papers in the network and virtually pulled the strings at four firms in Frankfurt, Munich and Berlin.

In three countries previously sitting 14 fraudulent merchants and their backers in custody. Europol estimates the tax loss by the scammers ring on more than five billion euros. In Germany alone it comes to at least EUR 800 million.

  Source: n-tv.de
 

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