Assets seized following ‘dirty money’ investigation

More than £190 million of assets have been seized from a Pakistani businessman after a settlement in a so-called ‘dirty money’ investigation. The settlement is the result of an investigation by the National Crime Agency (NCA) into Malik Riaz Hussain, a Pakistani national, whose business is one of the biggest private-sector employers in Pakistan. NCA […]

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Jailed for stealing from the firm

An office manager who committed fraud and spent her stolen money on designer clothes, expensive holidays, private education and a villa in Spain has been jailed for four and a half years. Susan Anderson siphoned off money from her employer for almost a decade, using a company card to buy handbags and accessories and stealing […]

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Not just bank statements

Police investigating an alleged international money laundering gang have made a series of arrests in London. In total, 10 suspects were arrested for allegedly being part of ‘a well-orchestrated conspiracy’ to launder an estimated £15.5 million made through Class A drugs and organised immigration crime, transferring it from the UK to Dubai over the last […]

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When the evidence stacks up

Sheffield Wednesday FC has been charged with breaching EFL (English Football League) rules around financial fair play over the sale of the Hillsborough ground, following an investigation earlier this year. According to a statement from the League, a large number of documents obtained from the club, as part of the investigation, have been reviewed and […]

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Proving the provenance of assets

A family from the South West has had an £8.1 million property portfolio seized by the National Crime Agency (NCA) after a civil recovery and tax investigation. Although the Davies family has not been convicted of any crime, they were unable to prove the provenance of the seized assets, which the NCA insist were acquired […]

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Following the threads

Recently leaked documents suggest that the Vatican’s finances are in deficit and that the blame lies largely with the management of its property portfolio. The accusation is that the properties are not rented out at market values and that the portfolio made a loss of €22.6 million in 2018. The leaks are the latest embarrassment […]

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Police seize evidence in Vatican financial investigation

Italian police have raided the offices of the First Section of the Secretariat of State and the State Financial Information Authority at the Vatican and seized documents and electronic devices as part of an investigation of suspected financial irregularities. The Secretariat of State, the most powerful department in the Vatican, is the nerve centre of […]

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Academy heads suspended for splashing the cash

An investigation into an Academy Trust that ended up with the Chief Executive being suspended has uncovered lavish spending on gift hampers, alcohol ordered to hotel rooms and unapproved severance payments. According to a statement, both the Chief Executive and Executive Principal of the Thrive Partnership Academy Trust were suspended last year pending an investigation. […]

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Trump’s ‘Two sets of books’

According to a new report from investigative newsroom ProPublica, Donald Trump reported his business assets to lenders and New York City tax officials in two very different ways, leading to suspicions and allegations of fraud. The documents Mr Trump provided to his lenders appear to be different from those he gave to the US tax […]

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Libor: Investigation closed but still questions to answer

The Serious Fraud Office (SFO) has announced that it is closing its investigation into the alleged rigging of the Libor benchmark rate after a seven-year investigation. According to the SFO, there will be no further charges brought against the 13 individuals charged currently with conspiracy to defraud. However, it appears that the agency was still […]

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Potential investigation into Thomas Cook collapse

Business Secretary Andrea Leadsom has asked the Insolvency Service to open an investigation into the collapse of travel firm Thomas Cook “as a matter of urgency” and the Official Receiver will now look into the company’s failure and the conduct of its directors. Following her announcement, Shadow Chancellor John McDonnell said that the directors had […]

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Pay back the profits or face jail, HBOS scammers warned

Fraudsters jailed for a total of more than 18 years in the Halifax Bank of Scotland (HBOS) fraud scandal have been told to repay the profits they made or face extra time in jail. Michael Bancroft has been ordered to pay back more than £727,000 after being jailed for 10 years in January 2017 following […]

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Disclosure of Assets in Divorce: Potanina v Potanin

The UK’s biggest ever divorce case is due to be heard in the High Court after a Russian oligarch’s wife launched a legal bid to claim a third of his fortune. Vladimir Potanin and Natalia Potanina had been married for 30 years when in 2013, Vladimir, who has been described as the second richest man […]

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One investigation leads to another

Rather like peeling an onion, financial investigations can often lead to further explorations of financial management. A good example of this is the Insolvency Service’s recent winding up of a magazine publisher. In this case, the Insolvency Service wound up a publishing company that produced magazines that supported the emergency services. The court heard that […]

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LCF Financial investigation likely to be frustrated by legal action

Administrators for mini-bond firm London Capital & Finance (LCF) have warned that investors will have to wait longer than previously thought to receive their first dividend and that it could take several years to complete their investigations into the firm’s collapse due to the “level of complexity” in the case. Also, they estimate that investors […]

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Allegations of financial impropriety

Former senior executives at football pitch operator, Goals Soccer Centre (“Goals”), are under investigation over historic financial irregularities. The former Chief Executive and Finance Chief are alleged to have falsified invoices and deleted old emails in order to destroy evidence. Indeed, one forensic investigation has allegedly found evidence that one of the two individuals under […]

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The importance of paperwork

A request for the public’s help in a financial investigation into the demise of London and Capital Finance (LCF) by the Financial Conduct Authority (FCA) highlights the importance of keeping records as evidence. The Serious Fraud Office (SFO) also urged any members of the public affected by LCF’s closure to keep any relevant paperwork safe. […]

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Calling in the experts

Medway Council has called in forensic accountants following the launch of a fraud investigation into the activities of the council’s trading company. According to the Council’s leader, some of the projects undertaken by Medway Commercial Group (MCG) were “a departure from its expertise” and were a key weakness according to a probe into its management […]

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Rise of the Unexplained Wealth Order

The Financial Times (FT) has explained how the National Crime Agency (NCA) is using an Unexplained Wealth Order (UWO) to investigate a woman suspected of having links to paramilitary organisations and a separate piece on the potential use of UWOs to tackle “domestic” organised crime. UWOs were introduced by the Government last year in a […]

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First anti-corruption order to freeze property assets

The National Crime Agency (NCA) has announced it has used anti-corruption powers in a serious organised crime case for the first time, after freezing assets owned by a businessman with suspected links to gangs involved in trafficking, armed robberies and supplying firearms. The NCA has secured an Unexplained Wealth Order (UWO) to force the man […]

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