Four criminals who funnelled hundreds of millions of pounds in illicit cash through a West Yorkshire scrap jewellery business have been found guilty in what is believed to be the largest money laundering case in UK history.
Gregory Frankel, 47, Daniel Rawson, 47, Haroon “Harry” Rashid, 54, and Arjun Babber, 32, were convicted at Leeds Crown Court following a complex and extensive investigation by West Yorkshire Police’s Economic Crime Unit. The operation exposed how £266 million of criminal cash was channelled through Fowler Oldfield, a Bradford-based business that became a front for laundering the proceeds of organised crime across the UK.
Detectives uncovered a sophisticated scheme where couriers from across the country, including Glasgow, Manchester, and Merseyside delivered vast sums of banknotes to Fowler Oldfield’s premises in Bradford.
Surveillance and forensic analysis revealed that, at its peak, the operation was processing an average of £1.7 million per day, with the cash arriving in sports bags, ‘bags for life,’ gift-wrapped boxes, and even takeaway food containers. CCTV footage captured couriers offloading heavy bags filled with illicit money, which was then meticulously counted using professional-grade machines before being collected by cash-in-transit companies and deposited into bank accounts.
What began as a legitimate business trading in scrap jewellery saw a dramatic shift in 2014. The company’s accounts showed an exponential surge in cash deposits—from just over £11,000 in 2012 to £650,000 in 2013, escalating to £95 million in 2015. This sudden spike raised red flags, prompting a cash-in-transit company to alert authorities in 2016.
To further obscure the origins of the funds, the laundered money was used to buy gold grain, which is easier to transport and more difficult to trace than bullion. Investigators believe much of this gold was then smuggled out of the UK.
Communication between those involved was highly encrypted, with criminals using coded messages, passwords, and physical tokens—such as dollar bills or £5 notes—to verify identities before cash handovers. Security experts were also employed to check for bugging or tracking devices, demonstrating the calculated and professional nature of the operation.
Assistant Chief Constable Pat Twiggs of West Yorkshire Police emphasised the gravity of the case, linking the laundered money to organised crime, including drug trafficking and wider criminality.
“This was a sophisticated operation designed to launder vast sums of criminal cash under a veil of legitimacy. The truth is, these individuals, some of whom lived lavish lifestyles profited from the misery caused by drugs and organised crime,” he said.
Investigators also noted that, despite the staggering amount of cash seized, no one had come forward to claim ownership of the funds—a clear indication of its criminal origins.
Hannah Von Dadelszen of the Crown Prosecution Service (CPS) described the case as one of the largest money laundering prosecutions ever brought in England and Wales.
“These defendants were at the heart of the operation to legitimise dirty money by bringing it into the banking system. This case sends a clear message—those involved in laundering criminal proceeds will be held accountable,” she said.
The meticulous investigation by West Yorkshire Police involved over 8,000 hours of CCTV footage, forensic examination of financial records, and extensive surveillance. In September 2016, a raid on Fowler Oldfield’s premises led to the seizure of £2.1 million in cash.
The four convicted individuals now face sentencing, and authorities are pursuing confiscation proceedings to ensure they do not benefit from their crimes.
The case also had wider implications—the Financial Conduct Authority took action against NatWest Bank for failing to prevent money laundering, reinforcing the need for stricter financial compliance measures.
Assistant Chief Constable Twiggs hailed the convictions as a major success: “This complex investigation, spanning over eight years, demonstrates that nobody is beyond the reach of the law. We have successfully dismantled a large-scale criminal network and disrupted their ability to profit from crime.”
The verdict marks a landmark moment in the UK’s fight against financial crime, exposing the hidden mechanics of money laundering and sending a strong warning to those seeking to exploit the system.
