Probe launched after pair arrested on suspicion of money laundering in Kensington

Police from the Met’s Economic Crime Unit have launched an investigation after two men were arrested for money laundering offences in Kensington.

On Wednesday, June 17, following a routine drug search on a vehicle in Holland Park, officers were made aware that the owner of the vehicle, a man in his early 20s, had travelled a distance to meet a man in order to set up a bank account, for which he would be paid £300.

Police were able to identify the second man, aged in his late 40s, that he was due to meet and subsequently arrested both on suspicion of money laundering and fraud on the same day.

The suspects were taken to a north London police station and have since been released under investigation pending further enquiries.

While still in the early stages of investigation, police believe the main suspect to have been recruiting individuals with the sole purpose of using their details to set up limited companies and bank accounts, which have then been used to launder money and facilitate fraud.

Following the arrests, officers searched a residential address in Hounslow.

Amongst the evidence found at the address were several application forms from a number of suspected fake companies to their banks in request of “bounce back loans” – a scheme launched by the government to assist small businesses during the Covid-19 pandemic.

Detectives from the Met’s Economic Crime Unit are in the process of identifying these accounts, and at present have obtained 10 account freezing orders amounting to £553,305. The investigation continues to identify victims of this fraud.

Detective Sergeant Neil Stanley, from the Met’s Central Specialist Crime – Economic Crime Unit, said: “I would like to assure the public that we take a zero tolerance approach to fraud-related criminality of any kind within our community, and we are committed to bringing those involved to justice.

“During these unprecedented times, we have intensified our effort to dismantle organised criminal networks and will continue to crackdown on individuals who are found to be exploiting government schemes for their own monetary gain.”