French tycoon linked to Netanyahu handed 8-year jail term

French businessman Arnaud Mimran was convicted of carbon tax fraud charges in what has been dubbed the 'fraud of the century'.

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A French court sentenced Arnaud Mimran, a tycoon who previously donated money to prime minister Benjamin Netanyahu, to eight years in prison on fraud charges, reports Haaretz.

Mimran has been on trial as a key suspect in an alleged scam involving more than 280 million euros in the trade and taxation of carbon emissions permits.

Mimran was one of 12 suspects in a massive fraud scheme that involved buying carbon credits in EU countries where no value added tax was charged and charging 19.6 percent VAT when reselling them in France. The tax money was never remitted to the government.