London Police Ponzi scheme seizure of £30 mln


25 April AtoZForex, Vilnius Today the City of London Police announced the largest UK law enforcement money seizure. As the City of London Police Ponzi scheme seizure is estimated to be worth £30 million. The funds were discovered after a 58 year-old South Wales man was arrested, and his bankers’ drafts were confiscated.

According to the City of London Police’s suspicions, the bankers’ drafts worth of £30 million were generated from organized crime internationally. The company bank account of the South Wales man was used for money laundering purposes. Considering that the funds were generated through illicit operations on the Forex market and Ponzi schemes, which were then laundered through his bank account.

London Police Ponzi scheme seizure details

In more detail, the London Police Ponzi scheme investigation started in March 2016. After the London Police received intelligence about a suspected UK bank account. There were signs that the bank account was used for international money laundering.

According to the records, the company’s business activities involve test drilling and boring, whilst having a £250,000 annual turnover. In November 2015 a suspicious transaction took place. Firstly, $19 million got transferred into the account of the company. Then this amount was converted through an intermediary foreign exchange company into Euros. Thereafter, a big proportion of the fund was sent to Georgia.

Arrest of the South Wales man

As the London Police Ponzi scheme seizure got revealed in full detail, the South Wales man got arrested at his home nearby Bridgend. He was then brought in to a local police station for questioning. A detective inspector of the London Police’s Money Laundering Unit, Craig Mullish stated in the official announcement:

“We believe this man’s business account was being used by a global network of organised crime operators to launder tens of millions of pounds of stolen funds through the UK 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 UK economy.”

Taken by this example, it is clear that the City of London Police Fraud Squad deals with the most complex fraud investigations in the UK. Not only is the City of London Police collaborating with Banks, the force also administrates the National Fraud Reporting Centre and the National Fraud Intelligence Bureau.

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