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Arrests in £1 million money laundering investigation linked to London boiler room

Two men have been arrested by City of London Police detectives investigating more than £1 million suspected to have been laundered from the sale of non-existent and overvalued commodities from what is believed to be a London-based boiler room.

The arrests came yesterday (Thursday 3 July 2014) after officers executed a warrant at an office in Green Park thought to be linked to boiler rooms pedalling worthless carbon credit, diamond, precious metal and wine investments. Residential flats in Ealing and East Dulwich were also raided.

Action Fraud reports reveal that a number of investors may already have lost hundreds of thousands of pounds.

More than 20 police officers took part in the operation that saw the force’s Money Laundering Investigation Unit (MLIU) supported by colleagues from its Economic Crime Directorate and the Metropolitan Police Service.

Boiler room operators typically cold-call investors, usually vulnerable people, selling valueless commodities and misrepresenting their future potential.

The money made from these illegal operations is often laundered through a myriad of bank accounts, across different countries.

Detective Inspector Craig Mullish, who leads the MLIU, said: “This operation demonstrates that the City of London Police, which is the National Policing Lead for Fraud, will take decisive action against anyone believed to be profiting from boiler room operations.

“Our sole aim is to protect UK citizens from fraudsters selling bogus investments and provide the best chance to seize assets on behalf of those who have been unfortunate enough to be victims.”

The men, aged 53 and 30, were arrested on suspicion of conspiracy to defraud and conspiracy to money launder. Both were subsequently released on police bail.

Anyone who thinks they have fallen victim to an investment fraud should report to Action Fraud on 0300 123 2040 or at​​​​​