Stefan Schreiber, a board member of Verbio, initially believed he was engaging in a legitimate carbon emissions reduction project, noting the professionalism of his Chinese counterpart.
Schreiber's company, Verbio, bought carbon credits that later proved to be part of a fraudulent scheme, creating a scandal involving credits worth about 1 billion euros.
Investigative efforts revealed that numerous carbon credit projects in China were improperly approved in Germany, failing to meet essential legal requirements and potentially implicating many.
With these troublesome findings, it became evident that the supposed 'risk-free' carbon credit deal was instead intertwined with a significant criminal conspiracy.
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