Money launderers handled £300k a week for criminal gangs
22 October 2010
Four men were sentenced yesterday for their part in a criminal money laundering conspiracy. Financial investigators estimate the operation was processing more than £300,000 a week over a considerable period.
The group provided a collection and deposit service to launder criminal cash. They transported the money in holdalls and then split it into small amounts across numerous third party bank accounts to try and avoid raising suspicion. CCTV material shown to the jury demonstrated the roles each man played.
SOCA’s detailed financial investigation began after surveillance officers watched Fazal Hussain deliver two holdalls to the Khan Properties Money Exchange in Manchester in July 2008. When they went in and arrested him the holdalls were found to contain nearly £250,000 cash.
His Honour Judge Thomas told a packed courtroom that the owner of Khan Properties, Nasrullah Khan, was the head of a very slick and professional money laundering organisation. Khan was sentenced to 10 years in prison.
One of the gang, Muhammed Asif Habib (pictured), failed to attend the trial. He was convicted and sentenced in his absence to 3 years. The other two men, Mark Owens and Fazal Hussain, now start prison sentences of 3 and 7 years respectively. A fifth man was acquitted.
To date, nearly £370,000 cash has been seized from the men and is subject to detention and forfeiture processes.
SOCA Deputy Director Ian Cruxton said:
“Criminals want to hide the true origins of their cash and specialist money launderers provide one of the essential services they rely on to do that. We are determined to make life as difficult as possible for criminals and that means attacking their support networks as well. Anyone who builds a business on helping criminals is a legitimate target for SOCA.”
Muhammed Asif Habib is still at large. If you have any information on his whereabouts you can call Crimestoppers anonymously on 0800 555 111 or visit www.crimestoppers-uk.org.
For more information on money laundering and criminal assets visit our Threats pages.