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Business News

Investigators arrest 22 in carbon credit fraud inquiry

British officials have arrested 22 people as part of a Europe-wide investigation into carousel tax fraud related to CO2 emissions-credit trading.

Investigators detained 13 people in England and eight in Scotland, said a spokesman for HM Revenue and Customs. Another person was arrested on a European arrest warrant. On Wednesday, German prosecutors and tax investigators searched the premises of Deutsche Bank, HVB and RWE as part of raids on 230 offices and homes.

The investigation involves €180m of possible tax evasion and is targeting 150 suspects at 50 companies. Prosecutors in Frankfurt have asked colleagues in other European countries including Belgium, the Netherlands and Norway for legal assistance.