London man jailed over £266million plot involving Mayfair and Hatton Garden

Two London addresses have been named in a £266 million money-laundering conspiracy that saw bags of cash swapped for grains of gold. Arjun Babber, 32, of Trevor Place in Knightsbridge, was convicted along with three co-conspirators after a 19-week trial at Leeds Crown Court - dubbed one of the largest money-laundering prosecutions in UK legal history.

Bradford-based company Fowler Oldfield took just over £11,000 in cash in 2012, but when money began to arrive by the sack-load in 2015 that figure had increased to £95 million. By August 2016, £1.7m a day in cash was passing through the industrial-style unit in Bradford. This was when a legitimate cash-in-transit company alerted West Yorkshire Police to the unusual activity.

Couriers from Glasgow, Manchester, and Merseyside would arrive with banknotes, in sports bag, carrier bags, toy boxes and even takeaway food containers. Cash was also collected in London, at the offices of Stunt & Co in Mayfair and Pure Nines in Hatton Garden, police say.

It was then counted on money counting machines and collected by legitimate cash-in-transit companies to deposit into a bank. Police say the money was largely used to buy gold grain, which is believed to have been taken out of the UK. Gold can be melted down overseas then brought back into the UK by people wearing jewellery, after which it can be sold for cash.

It was calculated that more than £266 million was paid into the Fowler Oldfield accounts from January 2014 to September 2016. Police seized £2.1 million in cash when they raided the Bradford premises in September 2016, but no-one has ever claimed it.

Babber, who was based in London where other members of his family ran the “well-known and reputable business” RPS Jewellers Limited based in Southall, had his own company called Goldsteel Limited, the court heard. Babber had attempted to leave the country before the trial and later checked himself into The Priory hospital when his escape failed.

Sentences

Assistant Chief Constable Pat Twiggs of West Yorkshire Police said: “I have no doubt whatsoever that this cash is linked to organised crime activity, including drugs and wider criminality and I am pleased that we successfully demonstrated that to the court.

“This kind of activity, while appearing to be detached from the impact caused to our communities by drugs and violence, was a key process in camouflaging the ill-gotten gains of organised crime by attempting to make it appear legitimate and ultimately these funds are further used for illicit purposes. But the truth is that these people, some of whom lived very lavish lifestyles, all profited from the misery caused by drugs and organised crime."

Hannah Von Dadelszen of the Crown Prosecution Service said: “This case is one of the largest money laundering prosecutions ever brought to the courts in England and Wales. It involved a colossal quantity of cash, undoubtedly derived from criminal activity. These defendants were at the heart of the operation to launder and legitimise the dirty cash, bringing it into the banking system."

Got a tip, a court date, or some gossip? Please email callum.cuddeford@reachplc.com or WhatsApp 07580255582.

Don't miss out on the latest crime stories from across London. Sign up to MyLondon's Court & Crime newsletter HERE

Story Saved

You can find this story in  My Bookmarks.Or by navigating to the user icon in the top right.