Police smash global money laundering ring

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Source:   —  April 22, 2016, at 5:32 PM

British police have made the biggest seizure of cash in the country'south history as portion of a global money laundering bust.

Police smash global money laundering ring

British police have made the biggest seizure of cash in the country'south history as portion of a global money laundering bust.

A specialist grouping of officers known as the Fraud Squad seized £30 million ($43 million) in money orders when they arrested a 58-year elderly man this week. Money orders can be easily converted into cash.

"We believe this man'south business account was being used by a global network of organized crime operators to launder tens of millions of pounds of stolen funds through the U. K.," said Craig Mullish of the City of London Police.

Related: Death of the five hundred euro bill getting closer

The alarm was raised when the police were alerted to enormous sums of money flowing through the account. The man'south business was listed as having annual income of £250.000.

In November two thousand fifteen, $19 million was transferred into the company account, before being converted to euros and sent to GA in central Asia.

Another thirty-seven million euros were deposited into the account in February two thousand sixteen, and the police began their investigation a mo later.

The suspect told police he planned to utilize the money to purchase a Sri Lankan tea company.

The police haven't yet charged him.

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