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James Molloy
James Molloy, sentenced for converting criminal property in London

Jail for man who used malware to defraud business bank account

  • Over AU$700,000 (£450,000) removed from an Australian business account through a malware infection and transferred into a private bank account belonging to Molloy.
  • CCTV seized from Porsche, Harrods, Watch Gallery, De Beers, and Prestons which clearly showed Molloy trying to fund luxury lifestyle.
  • Case was referred to our Money Laundering and Investigation Unit (MLIU)by the Australian Federal Police.

James Molloy of Eaglehurst Road, Liverpool was sentenced to two years and eight months at Southwark Crown Court. Molloy pleaded guilty to nine charges of converting criminal property.

How the fraudster did it

In July 2016, Molloy opened a National Australian Bank (NAB) personal bank account using his British passport and UK driving license as forms of identification.

In October 2016, NAB were alerted to a malware infection, in which AU$711,757.20 had been debited from Australian business account, UXC Connect Pay Limited, and credited to the personal account opened by Malloy.

What the money was spent on

The money was used to fund Molloy’s luxurious lifestyle, spending money on expensive cars and jewellery in Surrey and west London.

Between 7 and 9 October 2016, the money was spent on high-value items in and around London and Surrey and the account was emptied of all funds. He bought a number of Rolex watches, a diamond engagement ring for £37,900 and a number of items in department store Harrods, including two Chanel handbags priced at £4,380 and £3,780 and ‘Billionaire’ clothing to the value of £5,385.

He also tried to buy a Mercedes E220D AMG for £43,250, an Audi Q5 for £36,974, a BMW 440i M Sport for £34,550, a Porsche Cayenne for £102,000 and a Volkswagen Golf GTI for £33,900, but after being contacted by NAB, the retailers did not release them.

November 2016: Action Fraud warns that Banking Malware accounts for 41 percent of recorded malware attacks

How officers uncovered the fraud

On 27 October 2016 a warrant was carried out by officers in St Albans, where one of the Chanel handbags purchased in Harrods and £26,000 in cash were seized.

Attempts were also made to arrest Malloy at his partner’s address in Liverpool on the same day. He was spoken to on the phone but refused to hand himself in.

A mobile phone was seized and found to contain communication from Molloy, linking him to the use of the NAB bank card. There was also a screenshot of transactions made using the card as well as photographs of the Rolex watches that had been purchased.

Molloy was arrested on 24 March 2017 at the passport office in Liverpool, where he was in the process of applying for a passport in another name.

Three people – a female aged 27, and a male aged 26, from Hertfordshire and a male from Surrey – have been arrested in relation to this crime and the investigation is ongoing.

Speaking of the case, Detective Inspector John Ellis, said: “Motivated by money and greed, Molloy’s foolish actions have been exposed and we hope today’s sentencing serves as a warning to others.

“I would like to thank the Australian Federal Police for their co-operation and involvement in the case.

“We are committed to putting a stop to money laundering and recovering the proceeds of crime. This case highlights the point that justice will be served to those who commit crime.”