CARBON crooks

Not only are the carousel VAT fraudsters targeting carbon emission credits - so are computer hackers. Emission credits have been stolen and sold to companies who thought it was a legitimate transaction. Read the story here. The latest attack on the emissions-trading market comes after it emerged that up to 90 per cent of the trading could actually be fraudulent. See the Green Fraud post from 5 January.

REAL cost of Vat fraud

I got an email from a reader who suggests that the real cost of VAT fraud is not being recovered by the authorities or made widely known to the tax-paying public. In relation to Craig Johnson, who has been ordered to pay back st£26 million, it is suggested he actually personally benefited to the tune of st£167 million from Carousel VAT fraud. That mirrors the experience with Ireland's most notorious VAT fraudster Dylan Creavan. He paid back st£18.5 million in a deal hammered out with the UK's Assets Recovery Agency and Ireland's Criminal Assets Bureau. Creavan was originally charged with fraud totalling st£240 million after his company carried out transactions worth (on paper) €1.6 billion. Obviously investigators have to draw a line under their operations at some point leaving the fraudsters with hidden caches of money. While Creavan spent a year on remand before being acquitted of fraud, Johnson is serving 12.5 years behind bars.

WHERE'S the craic?

Vat fraudster Craig Johnson got 12 years his part in a st£138 million swindle and now his assets are up for auction. Later this month his house and collection of fast cars are going under the hammer along with lots of other stuff associated with the high-life. The car-reg CRA 1C is also up for grabs. Maybe Ireland's most successful Vat fraudster Dylan 'Hollywood' Creavan (pictured), who forked out €26 million in a deal with the Criminal Assets Bureau and the Assets Recovery Agency, might put in a bid. It would make up for his race horses which CAB sold off.