employee duped by his brother, acquitted of multi-handed £150 million fraud

Operation Veneer: A multi-handed money laundering case which concerned the running of a money service business alleged to have been involved in a £150 million fraud. Mr S was acquitted of all charges.

This case concerned the activities of two central London bureaux de change businesses, one of which ran by Mr S from Buckingham Palace Road. The bureau was a booth at the back of a souvenir shop purported to serve passing tourist traffic. The businesses bought in excess of €170 million from currency suppliers and sold them for pounds sterling. In addition to providing a service to tourists, the businesses were providing a money laundering service to criminals. One of which was a well known drug lord, seen to frequently visit the businesses and was later convicted of numerous offences of conspiracy to supply cocaine and cannabis in significant quantities and now serving over 20 years in prison.

Our client was the brother of the first defendant and was unknowingly assisting in the washing of the ‘dirty cash’.

Following a lengthy trial before Southwark Crown Court our client received a unanimous not guilty verdict from the jury and was acquitted of all allegations.

Mr S was represented by Kim Holden, a Partner in our corporate crime and fraud department.