Bulgarian coal magnate Hristo Kovachki may have defrauded the EU of millions in carbon tax by underreporting greenhouse gas emissions of two of his coal plants. By reporting lower emissions, verified by an “independent” contractor with ties to Kovachki, he allegedly avoided paying around €30 million (US$37 million) into the EU’s Emission’s Trading System (ETS). The scheme aims at curbing greenhouse gas emissions by putting a price on every ton of CO2 a company releases into the atmosphere.