Mohammed Yusef Patel was sentenced to four years at Snaresbrook crown court in 1987 for allegedly prejudicing an international drugs investigation. He served 28 months in prison before being released in April 1990.
But yesterday, 13 years after his original conviction, the court of appeal ruled that it was unsafe. Lord Justice Pill said that in the light of fresh evidence there was no substantial basis to support the main allegation against him.
After hearing that his con viction had been quashed, the 44-year-old former Muslim Commercial Bank accountant said he would be seeking compensation. He said no amount of money could make up for the damage caused to his life during 13 "devastating" years.
"This is total vindication for me," he said. "I had 13 years of pain and anguish. It ruined my life. But this is very good news for me and my family."
Mr Patel, who is now on medication for stress, said he would be seeking damages against the Metropolitan police. He said that since he was released from prison he had been unable to re-build his life.
"I am now very forgetful and unable to work. I will never be the same person again."
His problems began in 1987 when he visited the house of a client, Ramjamadi Mo hammed Ali. Police were raiding Ali's house at the time and discovered 5kg of heroin.
Mr Patel insisted that he knew nothing about the drugs but the police issued an order banning him from communicating with a number of his clients in Portugal who were under suspicion of international drug trafficking.
The prosecution claimed he had compromised the case by contacting those clients.
Ali was sentenced to 16 years in prison for the possession of £1m of heroin with intent to supply.
Mr Patel, from Stamford Hill, north London, always maintained his innocence. Yesterday the court of appeal heard that scientific analysis of an alleged confession statement showed that part of it had been re-written.
