A major network which sold carbon credits to the public for investment has been shut down.
According to the Insolvency Service, a total of 19 companies were involved in a boiler room scam, selling “well over” five million carbon credits to the public for more than £36 million.
A carbon credit is a certificate or permit which represents the right to emit one tonne of CO2 and can be traded for money.
There were nearly 90 individual broker companies involved in the scheme at one stage, many of which have been forcibly closed down, it added.
Some of the companies include Blue Horizons Trading, Alpine Consult, Burlington Energy Markets, Global Carbon Exchange Limited and Pure Carbon.
Chris Mayhew, Company Investigations Supervisor, said: This stoke of boiler rooms was one giant scam emitting the now all too familiar hot air on an industrial scale, persuading ordinary people to part with their hard earned savings to invest in near worthless voluntary carbon credits which were aggressively peddled to them by these companies at significantly inflated prices.
“The Insolvency Service will act whenever serious failings are discovered and ‘close the deal’ on unscrupulous companies to prevent them from profiting by their bullying and deceitful tactics and inflicting misery on ordinary people.”