Five individuals responsible for a carbon credits scam that cheated £1.5m out of victims were jailed for a total of 30 years.
Carbon credits scam
Sami Raja and four others took advantage of their victims’ moral values, persuading them to invest in an eco-friendly scheme. They operated under two company names, Harman Royce and Kendrick Zale.
The scammers contacted over 55s from wealthy areas and convinced them to move their pension pot into voluntary emission reductions (VERs) for Harman Royce. The carbon credits scam charged its 130 victims up to £6.50 per credit, eventually reaching a total of £1.5m.
Kendrick Zale pressured people into buying certified emission reductions (CERs). They sold more than 300,000 to 28 individuals, making a total of £900,000 from the scam.
With the money taken from victims, the fraudsters bought expensive jewellery and cars, and paid company wages. Raja and others showed no remorse for their part in tricking many out of their life savings.
Sami Raja was found guilty of six counts of conspiracy to defraud. He was also found guilty of money laundering. As a result, he was jailed for eight years.
Michael Nascimento was found guilty of three counts of money laundering and was jailed for a total of 13 years. Sandeep Dosanjh was found guilty of two counts of conspiracy to defraud. As a result he was sentenced to a total of nine years in prison.
James Lanston was found guilty on conspiracy to defraud and was sentenced to two years and three months, and Charanjit Sandhu was sentenced to nine years for conspiracy to defraud.
If you were convinced to invest in a scheme that wasn’t right for you, or believe you may have invested in a carbon credits scam, get in touch. Our experts can offer support and advice.