Biofuels scam ‘the largest tax fraud scheme in Indiana history’

Two people have been indicted by the US District Court of Indianapolis after it was discovered they were defrauding people under the guise of providing “government certified top-quality biodiesel”.

The pair were named as Joseph Furando and Katirina Tracy who sold, via companies called Caravan Trading and Cima Green, over 35 million gallons of fraudulently mislabelled alternative fuels as premium biodiesel to service stations and truck stops.

It is believed the scheme conned consumers, taxpayers and investors of more than $100 million (€73.9 million), which was reportedly spent on things like artwork, property, jewellery and cars.

Both have been released on bail and Furando faces a further charge of obstruction of justice for allegedly making false statements to the Federal Bureau of Investigation last year.

US attorney Joseph Hogsett called the indictment ‘the largest tax and securities fraud scheme in Indiana history’.