By PAUL O’DONOGHUE, Senior Correspondent
FOUR men have been found guilty of laundering £266 million through a West Yorkshire scrap jewelry business in what is believed to be the biggest money laundering case ever prosecuted in the UK.
Gregory Frankel, 47, Daniel Rawson, 47, Haroon “Harry” Rashid, 54, and Arjun Babber, 32, were convicted following a trial at Leeds Crown Court. Socialite James Stunt, former son-in-law of Formula One magnate Bernie Ecclestone, was cleared of involvement. The prosecution alleged that Mr. Stunt helped disguise the origins of the cash and purchase gold.
West Yorkshire Police, which spearheaded the investigation, revealed that the criminal funds flowed through Fowler Oldfield, a now-defunct wholesale jewelry business based in Bradford.
The case also had a significant impact on UK bank NatWest. In 2021, NatWest pleaded guilty to failing to monitor £365 million deposited into Fowler Oldfield’s account, resulting in a £265 million fine.
How biggest UK money laundering scheme worked
The trial exposed how vast sums of money arrived at Fowler Oldfield daily. Couriers transported bags of cash from locations such as Glasgow, Manchester, and Merseyside. CCTV footage captured the couriers as they arrived with heavy bags.
“At one point, £1.7 million arrived each day – in cash, stored in sports bags, carrier bags, and even takeaway food containers,” West Yorkshire Police reported.
Fowler Oldfield used specialized money-counting machines to process the funds, which cash-in-transit companies then deposited into banks. The illegal cash primarily funded gold grain purchases, which are harder to trace than bullion. Authorities suspect that much of the gold left the UK.
Investigation details
The Economic Crime Unit of West Yorkshire Police began investigating in 2016 after a cash-in-transit company raised concerns about the unusually large amounts of cash collected from Fowler Oldfield. Although the company claimed to deal in scrap jewelry, the significant cash flow raised suspicions.
Investigators reviewed over 8,000 hours of CCTV footage, emails, and invoices. “From January 2014 to September 2016, more than £266 million was deposited into Fowler Oldfield’s accounts,” West Yorkshire Police confirmed.
The volume of cash increased quickly. In 2012, Fowler Oldfield received £11,000 in cash. By 2015, this figure soared to £95 million.
Sophisticated operation
The trial, which lasted nearly five months, uncovered evidence of a highly sophisticated operation. Couriers carried tokens and passwords to identify themselves. Investigators also found encrypted messages exchanged among the suspects.
In September 2016, West Yorkshire Police executed a search warrant at Fowler Oldfield’s premises, seizing £2.1 million in cash, which no one claimed.
Police also said the case was a step towards combatting money laundering in the UK. Assistant Chief Constable Pat Twiggs of West Yorkshire Police commented: “This was a sophisticated operation to launder a substantial sum of money tied to criminal activity.”
Hannah Von Dadelszen of the Crown Prosecution Service (CPS) stated: “This case ranks among the largest money laundering prosecutions in England and Wales. It involved an enormous amount of cash, clearly linked to criminal activities. The defendants played a central role in laundering and legitimizing the dirty money, ultimately bringing it into the banking system.”
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