Police have discovered £30m worth of banker’s drafts during a raid on a home in the Welsh valleys, in what is believed to be the biggest money seizure by UK law enforcement.
A 58-year-old man who lives near Bridgend was arrested by City of London police on suspicion of money laundering following an investigation into a UK bank account suspected to have been used by an organised international crime ring.
The illicit funds are suspected to have been generated from Ponzi schemes and on the foreign exchange markets before being laundered through the man’s bank account, police said.
DI Craig Mullish, of 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 investigation was launched in March 2016 and focused on a business listed as being involved in test drilling and boring, with an annual turnover of £250,000.
In November 2015, $19m (£13m) was allegedly transferred to the company account and converted into euros via an intermediary foreign exchange company, and the majority was then sent on to Georgia, police said.
In February 2016 €37m (£29m) was allegedly transferred into the same account, and on this occasion the suspect claimed the funds were for the purchase of a Sri Lankan tea company.
The suspect is being questioned at a police station in south Wales.
