A 'wanted poster' has been issued for Ashraf Muhammad, Mobeen Iqbal and Mohsin Usmangani Salya after their suspected involvement in money laundering and tax evasion cost European governments an estimated €5bn in lost VAT revenues. The three men were arrested on suspicion of fraud by the Spanish authorities last year but have not yet appeared before a judge. The companies owned by the suspects imported carbon credits free of VAT from one EU state to another, sold the carbon credits with an added VAT, transferred the money from VAT straight into their revenue and then disappeared.
A 'wanted poster' has been issued for Ashraf Muhammad, Mobeen Iqbal and Mohsin Usmangani Salya after their suspected involvement in money laundering and tax evasion cost European governments an estimated €5bn in lost VAT revenues. The men are suspected of a VAT chain fraud scheme through the sale of CO2 emission allowances for greenhouse gases. The companies owned by the suspects imported carbon credits free of VAT from one EU state to another, sold the carbon credits with an added VAT, transferred the money from VAT straight into their revenue and then disappeared.