A Nottingham man, whose business was used to launder £10 million of money obtained by criminals, has been sentenced following an investigation by HM Revenue and Customs (HMRC).Rizvan Mian, 35, was the owner of Imperial Escrow Ltd based in Nottingham. HMRC investigations revealed that Mian had allowed his company to be used to transfer over £10 million between companies in the UK and overseas, in an attempt to hide the money’s criminal origins and to facilitate further criminality.
Stuart Taylor, Assistant Director, Criminal Investigation, HMRC, said:
“Mian ignored his legal obligations to conduct measures to identify potential risks that his business was being used to launder money by criminals, in an attempt to hide their criminal profits and avoid detection by law enforcement.
“Any business dealing in large cash transactions has a responsibility to report those they consider suspicious to the National Crime Agency (NCA). Anyone failing to adhere to these regulations may
find themselves subject to a range of sanctions, including criminal prosecution.”
Confiscations proceedings to recover the proceeds of the criminality will follow.