The image is from NCA.
The image caption is.
Police said the two men laundered £70m.
The two men were sentenced to 33 years in prison for running a £70m money laundering scheme.
Artem Terzyan, 38, from Russia, and Deivis Grochiatskij, 44, from Lithuania, were sentenced at Kingston Crown Court.
The Bounce Back Loan fraud was one of the largest since the scheme started.
Most of the money sent abroad has been recovered by police.
The case can be reported after court restrictions are lifted.
The two men were first arrested in the year before.
Police officers from the National Crime Agency and the Metropolitan Police watched large bags of cash being carried into their East London flats that had been picked up at service stations.
The NCA said that both men and other members of their criminal network opened bank accounts in the names of fake companies.
The money was sent from one shell company to another in a complex web of transfers before being sent to accounts in Germany, the Czech Republic, U.A.E, Hong Kong, and Singapore.
The image is from NCA.
The image caption is.
Money was set up for shell companies used in the loan fraud.
The men were on bail when they began to claim Bounce Back Loans for the various shell companies they had set up.
The loans were part of the government's plan to cushion the UK economy from the effects of the coronaviruses.
They claimed up to £50,000 a time, generating over 10 million in total, with 3 million claimed from one UK bank alone.
The British taxpayer will be staggered and upset that part of their hard-earned tax contributions was going into the pockets of criminals after the two men were sentenced.
Terzyan was sentenced to 17 years in prison and Grochiatskij was sentenced to 16 years after being convicted.
The pair had built a large-scale money laundering system, according to Andy Tickner.
He said that they used an international network of criminals under their control to set up hundreds of bogus companies.
They stole over 10 million pounds from British taxpayers in what is believed to be one of the largest Bounce Back Loan frauds since the scheme was introduced in 2020.
The men and their network played a vital role in enabling other criminals to hide their earnings.
The removal of this service will be a huge blow to organised criminals in the UK.
Banking in the UK.
There is fraud.
Money is laundered.
A coronaviruses epidemic.
