Sunday, November 1, 2020

UK court orders forfeiture of funds owned Italian mafia gang

-

More than £2 million of profits made by an Italian mafia gang and held in British bank accounts has been seized by City of London police.

Westminster magistrates’ court ordered the forfeiture of the cash after detectives submitted evidence that it was being channelled through London in a money-laundering operation.

Investigators were aided by Europol and the Guardia di Finanza. The mafia organisation involved is understood to the Calabrian ’Ndrangheta.

Most of the money was in a company account at Lloyds Bank set up by Fabio Castaldi, identified by Italian police as a professional money launderer.

- Advertisement -

Castaldi and Enzo Ceravolo, a director of the company involved, gave a London address when setting up the business, but it was a forwarding address with no sign of the pair using it to live in.

The court was told that Ceravolo, who has a conviction for tax evasion, owes €2.9 million (£2.6 million) in unpaid taxes and is facing prosecution in Italy.

It also heard that he had abandoned an attempt to contest the seizure of the cash and that neither he nor the company, Play Life Ltd, of which he was the sole director, had explained the source of the money. Andrew Bird, prosecuting, told the court that the funds “were probably originally from tax evasion in Italy”.

Police discovered one of the accounts was receiving funds from a number of companies in Italy. Funds were then being sent to a second UK company account, set up using false addresses. They concluded that the accounts were being used for “layering”, where transactions across multiple accounts disguise the original source of funds.

- Advertisement -

Paul Curtis, from the City of London Police’s Financial Investigation Unit, said that“the true intentions of the individuals behind this shell company” had been “to launder millions of pounds, obtained through criminality”.

He added: “Police will make every effort to cut access to money-laundering routes, which is key to defeating organised crime.”

The sums forfeited are £1,723,706.56 in a Lloyds account held in the name of Play Life Ltd and €356,043 held in another company account for the benefit of Ceravolo.

Original article on standard.co.uk

MUST READ

Former Venezuelan national treasurer indicted in US for money laundering

Hugo Chávez’s former nurse has been charged with money laundering in a Miami federal court, accused of taking bribes from a billionaire media mogul...

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

Former President of nuclear transportation company gets prison in scheme to bribe Russian official

A Maryland businessman convicted of plotting to pay a Russian official more than $1.5 million in bribes to get lucrative contracts for transporting uranium...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks