City of London Police seize £30M generated from FX, Ponzi schemes

In what is seen as the biggest ever money seizure by UK law enforcement, the City of London Police today announced it took possession of bankers’ drafts worth £30 million following the arrest of a South Wales man.

The funds are suspected to have been generated from overseas organised crime, including Ponzi schemes and on the Forex markets, and then laundered through the 58 year-old’s company bank account.

The City of London Police investigation was launched after receiving intelligence that a UK bank account was suspected of being used for organised and international money laundering.

Detective Inspector Craig Mullish, from the City of London Police’s Money Laundering Unit, said:

“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.”

The City of London Police Fraud Squad deals with some of the UK’s most complex and significant fraud investigations. It includes units combating money laundering and recovering the proceeds of crime.

For the official announcement from the City of London Police, click here.

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