Security & Fraud

‘Fraud Squad’ Cracks $43M Money Laundering Ring

The City of London Police made what’s believed to be the biggest seizure ever by U.K. law enforcement last week.

CNNMoney reported that a special group of British police officers, known as the Fraud Squad, confiscated money orders totaling £30 million ($43 million) after arresting a 58-year-old man for money laundering.

The bust was made after police were alerted to significant sums of money being flooded through the man’s account, which was reportedly being used by a global crime syndicate.

According to CNNMoney, $19 million was moved into the account back in Nov. 2015 and then was later converted to euros. In February of this year, another €37 million ($42 million) was deposited into the account, which sparked the beginning of the investigation into the account.

Police believe the illegal money was made through Ponzi schemes and on foreign exchange markets.

Craig Mullish, who is part of the City of London police’s money laundering unit, explained: “We believe this man’s business account was being used by a global network of organized crime operators to launder tens of millions of pounds of stolen funds through the U.K. and then out into bank accounts around the world.”

“His arrest and the massive money seizure is further evidence of how banks and law enforcement are working very closely together to take criminal proceeds out of the U.K. economy,” Mullish added, according to The Guardian.


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