LEICESTER: A man has been found guilty of being involved in a multi-million pound money laundering operation which was run from Leicester. Chauhan Vijay Yogendrasinh, aged 55, was the director of Rushi Investments Limited – a company which appeared to be a legitimate money transfer service, but was actually found to be a money laundering operation transferring criminal money overseas.
According to Asian Image report, work carried out by the East Midlands Regional Asset Recovery Team found that more than £11,000,000 had gone through the business which was ran from Canon Street in Leicester.
While it is accepted some of the money was transferred legally, millions of pounds was found to have been transferred illegally through different bank accounts and companies to be sent abroad.
It is not known what criminal enterprise this money came from but police work, which included uncovering huge amounts of cash and numerous false documents, proved that money laundering had been committed.
Yogendrasinh had denied his involvement but following a seven-week trial at the court, he was found guilty of conspiracy on Wednesday to transfer criminal property between January 2011 and March 2016.
Police investigative work into Yogendrasinh showed Rushi Investments had used legitimate money service bureaus, misleading the companies so that they would transfer the money abroad.
This was done through false lists of people which were created to try and explain where the large amounts of money being deposited had come from. Some invoices found in relation to transactions made overseas were also found to be false.
CCTV and surveillance work was also carried out which showed that while it was suggested that dozens of people had been attending the business daily in order to deposit money, this was not correct.
Further enquiries to prove the crime showed large amounts of cash had passed through the personal bank accounts of Yogendrasinh which didn’t match up to what had been declared to HMRC.
It was also found ‘cuckoo smurfing’ had been committed – when a person unwittingly allows their bank account to be used to deposit money. The victims of this were expecting a large cash payment into their bank accounts, but the money had come from Rushi Investments Ltd using criminal funds – the bank accounts were being used to try and disguise the origin and destination of the cash.
Detective Constable Grant Bailey said: “This was an operation which involved millions of pounds of criminal cash being transferred illegally.
A second defendant Bhavesh Suclo, 41, who was standing trial charged with conspiracy to covert criminal property in relation to the purchase of a property in Leicester was found not guilty of this offence.