Three Indian-origin men involved in a multi-million pound scam that involved the import of high-value carbon credits free of VAT into the UK,were on Tuesday jailed for a total of 35 years.
The three are Sandeep Singh Dosanjh,30,Ranjot Singh Chahal,35,and Navdeep Singh Gill,31.
Dosanjh reportedly used the money grained fraudulently to buy a house in an upmarket London neighbourhood worth £1 million,and a Roll Royce.
The sentences were delivered at the Southwark Crown Court: Dosanjh was jailed for 15 years while Gill was sentenced to 11 years and Chahal got nine years,the Daily Mail reported.
The three cheated the government out of £39 million in just 69 days in what is considered to be the first case of its kind in the Britain. The three were arrested in December 2009.
Dosanjh,considered the mastermind of the scam,and Chahal and Gill made millions running a series of bogus firms importing high-value carbon credits free of VAT into the UK.
EU emission allowances or carbon credits are certificates which can be bought and sold representing the right to emit carbon dioxide. The report said that the three exploited UK VAT laws and sold carbon credits on to legitimate firms,charging VAT which was never paid back to the government.