The UK's Serious Fraud Office (SFO) recently charged four men with conspiracy to commit fraud worth an estimated £23m involving promotion of biofuel investment products to UK investors. The charges are connected to collapsed London-based biofuels firm, Sustainable AgroEnergy, which promoted itself to investors as a specialist in renewable biofuel crops and "green oil" from Asia. The SFO acted following concerns that the Jatropha trees (which are highly regarded for drought and pest resistance) that the company claimed to have invested in, did not exist or were not available in sufficient quantities to provide an investment return. It is an example in a growing trend of enforcement action across Europe. These fraud charges follow a spate of "dawn raids" by the European Commission (EC) earlier this year on companies providing services to the crude oil, refined oil products and biofuels sectors. The EC acted on concerns about potential anti-competitive collusion on prices for a number of oil and biofuel products. Operators are advised to continue to act independently on the market and to ensure records of communications between traders are maintained.