In a landmark case, four men have been handed sentences for their involvement in a £200m money laundering scheme, marked as one of the largest of its kind in UK legal history. Gregory Frankel, aged 47, Daniel Rawson, aged 47, Haroon Rashid, aged 54, and Arjun Babber, aged 32, were found guilty of participating in a conspiracy to convert illicit funds into untraceable gold.
The severity of the operation was highlighted by the judge’s statement as he sentenced Frankel to 11 years and eight months, Babber to 11 years, Rawson to 10 years and 10 months, and Rashid to 10 years. Rawson was the only one present to receive his sentence at Leeds Crown Court, as arrest warrants were issued for the other three individuals who were suspected to have fled the country.
During the trial, it was revealed that between 2014 and 2016, cash was transported from various locations in the UK to different business premises, including Bradford-based jewellers Fowler Oldfield, a site in London, and Pure Nines Ltd in Hatton Garden. The accused individuals were charged with concealing the origin of the money by using a company bank account to launder the funds and then purchasing gold, which was subsequently sent to Dubai.
The court proceedings shed light on how Frankel and Rawson, as directors of Fowler Oldfield, exploited the business as a front for their money laundering activities. Money was smuggled in by messengers, concealed in various items such as fast food boxes and children’s toys, and counting machines were used to tally large sums before packaging for collection. Despite allegations implicating socialite James Stunt in facilitating the laundering process, he was acquitted of the charges by the jury at Leeds Crown Court
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