Detectives dismantle suspected carbon credit fraud operation in the City

A major City of London Police operation in the Square Mile and across the South East has seen the force dismantle a suspected criminal operation believed to have been selling worthless carbon credits to investors living across the UK.

On Tuesday morning (Dec 4) detectives arrested eight men working out of two City offices after finding evidence linking them to fraudulent companies Hudson Forbes, CT Carbon and Burlington Energy Markets. The same morning a further two men and one woman were arrested in Essex and Hertfordshire. All 11 have since been released on bail.

In recent months the City of London Police have been investigating a growing number of suspected carbon credit frauds, where environment investments are being marketed as a safe way to make easy money. People believe they are buying products that can be traded to companies in a legitimate market when the reality is these credits either do not exist or can only be bought and sold on a voluntary market, making them worthless.   

DI Matthew Bradford, of City of London Police, said:

"Carbon credits are the latest in a growing list of  products  marketed by fraudsters as a sure fire way to make maximum profits with minimal risks. They exploit people’s  misguided belief that environmental investments cannot fail, and then use teams of cold callers to seal the deals, often bullying victims into handing over their savings against their better judgement.

"Carbon credits are designed for companies and small businesses to offset their carbon emissions, and definitely not for the individual investor looking to buy and sell.  This  week's  operation in the Square Mile and across the South East is evidence how the City of London Police will act quickly and decisively against anyone they suspect of  using worthless investments to target people with false promises and impossible dreams."

The ten men arrested are aged 62, 52, 54, 40, 39, 30, 27, 23, 22 and 22, and the woman 44. All were arrested on suspicion of money laundering and conspiracy to defraud.

Anyone who feels they have fallen victim to this suspected fraud, or any other, should report it to Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk