UK: Men jailed after £400,000 money laundering scam involving rare gold and platinium


November 30 2018

Two men have been jailed after being found guilty of laundering almost half a million pounds during a rare gold and platinium scam.

A three-year police investigation revealed the use of precious metals such as gold bullion and platinium from the UK, Europe and the Middle East to launder the proceeds of crime

Kamran Ahmed, aged 25 of The Ridgeway, Westbury-On-Trym and Saqub Malik aged 34 of 544 Stratford Road, Sparkhill, Birmingham, recruited an accomplish to set up a business and open bank accounts, which would be used to launder hundreds of thousands of pounds of criminal money.

Ahmed recruited friends to set up shell companies (a company which exists only on paper and has no offices or employees but may have a bank account or hold passive investments or be the registered owner of assets) and open bank accounts.