CITY of London Police said yesterday that its fraud squad detectives had arrested six men after a raid on a suspected boiler room in the Square Mile, which was thought to be mis-selling carbon credits.
It is believed that the boiler room had already made around £1m from cold-calling people across the UK, using high-pressurised sales tactics to sell overpriced carbon credits that could not generate the returns promised. Searches were later carried out on properties across the south east.
A spokesperson from the City of London Police told City A.M. that there could be more arrests to come.
Detective Inspector Teresa Russell said: “In 2013 the City of London Police has targeted a number of City offices housing what we believe are criminal operations intent on defrauding elderly and vulnerable people out of large sums of money, some of whom have parted with their life savings. We will take action against criminals involved in this type of scam, close down their operations, holding those responsible to account.”
Carbon credits are tradable permits aimed at offsetting greenhouse gas emissions. Credits are awarded to countries or groups that have reduced their emissions below their quota.