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Emissions trading tax evasion sparks huge raid

DDP/DPA/The Local · 28 Apr 2010, 15:33

Published: 28 Apr 2010 15:33 GMT+02:00

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Starting early in the morning about 1,000 officers searched more than 230 offices and apartments from 50 companies, the public prosecutor’s office in Frankfurt said.

A spokesperson from Deutsche Bank confirmed that a large-scale operation also took place at the company’s high-rise headquarters in Frankfurt.

About 150 people are suspected of using emissions trading – a programme intended to cut down on greenhouse gas pollution – to cover up what Frankfurt authorities called “sales tax carousel.”

Story continues below…

The process likely involved the purchase of foreign emissions credits by German companies, which then sold them again to a series of connected companies, none of them paying sales taxes. The last company in the chain then sold the certificates abroad again, receiving tax credits from German authorities after the sale.

DDP/DPA/The Local (news@thelocal.de)

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Your comments about this article

16:13 April 28, 2010 by William Thirteen
love the armbands!
16:52 April 28, 2010 by wmm208
The armbands are very "cult" like. Perhaps they have a secret handshake like making reindeer antlers with their hands and sticking their tounge out. Armbands...What is this, boyscouts?
19:53 April 28, 2010 by Hebbellover
Arm bands? I thought Germans/Europeans loved their socialist tax utopia?
20:16 April 28, 2010 by wmm208
Where are the big black boots and the goose steps?
10:51 April 29, 2010 by dbert4
Their tax scam was surely designed by Goldman Sachs, their pal Deutsche Bank being right in the middle.

No matter what the country, as Leona Helmsly said famously, "only the little people pay taxes".

Certainly not contractors and military, right LTC?
21:54 April 29, 2010 by wmm208
dbert4 - This is like the 90th time you have accused someone of being a contractor. Who cares? Give it a rest...
14:26 April 30, 2010 by Prufrock2010
It sure has all the footprints of a Goldman Sachs kind of scam. Maybe "FabulousFab" Fabrice has been busier than we thought.
17:36 April 30, 2010 by wmm208
The Deutsche Bank HQ was under renovation for more than 2 yrs collecting illegal tax money. Now, like their infamous spying scandal, they are busted.
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