Four UK Men Convicted in £200M Money Laundering Case

Four UK Men Convicted in £200M Money Laundering Case

Massive Money Laundering Operation Uncovered

Four men were convicted on Tuesday of laundering more than 200 million pounds ($255 million) in proceeds from organized crime through their gold dealership in northern England, according to the Crown Prosecution Service (CPS).

Cash Delivered in Bags Across Britain

The scheme involved couriers transporting large sums of cash in holdalls or carrier bags from various locations across Britain to the premises of Fowler Oldfield in Bradford and other locations. The money was then deposited into the company’s NatWest bank account to purchase gold, prosecutors said.

Daily Transactions Reached Millions

West Yorkshire Police, which led the investigation, revealed that shortly before law enforcement raided Fowler Oldfield in September 2016, the company was receiving an average of £1.7 million per day.

Bank Previously Fined for Failing to Monitor Transactions

NatWest had already pleaded guilty in 2021 to failing to properly monitor Fowler Oldfield’s transactions. A judge fined the bank £265 million, stating that its negligence allowed the laundering operation to take place.

One of the Largest Money Laundering Cases in England and Wales

Hannah Von Dadelszen from the CPS described the case, heard at Leeds Crown Court, as “one of the largest money laundering prosecutions ever brought to the courts in England and Wales.”

Assistant Chief Constable Pat Twiggs of West Yorkshire Police emphasized the broader impact of the crime, stating, “This cash is linked to organized crime activity, including drugs and wider criminality.”

Four Convicted, One Acquitted

Two former directors of Fowler Oldfield, Gregory Frankel and Daniel Rawson, both 46, were found guilty, along with Haroon Rashid, 53, and Arjun Babber, 32. They are set to be sentenced on Friday.

James Stunt, 43, the former son-in-law of Formula 1 tycoon Bernie Ecclestone, was acquitted of the same charge.

“Four UK Men Convicted in £200M Money Laundering Case” “Four UK Men Convicted in £200M Money Laundering Case” “Four UK Men Convicted in £200M Money Laundering Case”