Category: AML

Regulatory Watch News

• 

  Company director jailed for a £3 million money laundering operation

  The Crown Prosecution Service

  November 28, 2024

  A company director has been jailed for his key role in a £3 million money laundering operation. Ranbir Singh, 46, pleaded guilty to two counts of money laundering and has been sentenced to six years imprisonment. Kuldip Badesha, 46, Singh’s wife, pleaded guilty to one count of misconduct in public office and has been sentenced to 14 months imprisonment suspended. Both defendants were dealt with at Southwark Crown Court.

• 

  Romania: EPPO carries out searches in probe into €37 million road works

  European Public Prosecutor's Office

  November 28, 2024

  (Luxembourg, 28 November 2024) – The European Public Prosecutor’s Office (EPPO) in Cluj-Napoca (Romania) is carrying out 31 searches today in several locations, in an investigation into possible fraud involving works in Zalău city’s ring road, financed with €37 million in EU funds. The searches are being conducted in Bucharest, Cluj county, Sălaj county and Timișoara county, at the homes and headquarters of companies under investigation, including at the National Highways and National Roads Company (Compania Națională de Autostrăzi și Drumuri Naționale SA – CNAIR), responsible for administering the network of highways, express roads and roads of national interest in Romania.

• 

  400 companies part of EUR 297 million VAT fraud network

  Europol

  November 28, 2024

  Europol has supported the European Public Prosecutor’s Office (EPPO) and law enforcement authorities from 16 countries in taking down a major criminal network involved in value-added tax (VAT) fraud. The international investigation, codenamed Admiral 2, uncovered a complex VAT fraud scheme involving the trade of popular electronic goods, resulting in an estimated VAT loss of EUR 297 million. During the action day, 32 people were detained, and authorities seized a large quantity of smartphones and other electronic devices, worth more than EUR 47.5 million, several luxury cars and EUR 126 965 in cash. In addition, 62 bank accounts with a combined value of over EUR 5.5 million were frozen. These are preliminary results and they will likely evolve throughout the coming days and weeks.