Man bailed after Huthwaite property searched amid international money laundering investigation
Nottinghamshire Police made its first ever seizure of cryptocurrency as part of an investigation into an alleged international money laundering operation following a search at Huthwaite
Officers arrested a 49-year-old man on suspicion of fraud and money laundering after executing a warrant at a Huthwaite property. He has been bailed while police conduct further enquiries.
The investigation centres on claims of fraudulent offers of drone light shows for a number of mainly US-based victims, with the proceeds allegedly being laundered through the purchase of cryptocurrency.
Police seized £78,000 ($100,000) in cryptocurrency during the warrant on December 7 and later secured a Restraint Order at Nottingham Crown Court to freeze a further £500,000 of assets including property and vehicles while the investigation continues.
Nottinghamshire Police's Financial Investigation Unit and Fraud Team jointly led the investigation and were supported by the National Crime Agency.
Cryptocurrency is a digital form of money which can be traded on an exchange market as traditional currency.
Detective Inspector Nikki Smith, head of Financial Investigation and lead for cryptocurrency, said: ”This investigation has been ground-breaking for us in relation to the seizure and investigation of this cryptocurrency, and all the staff involved in this operation have worked tirelessly to ensure we secure all available evidence and assets.
"Cryptocurrency is not new, it was first released in January 2009, however it is new to policing and the Financial Investigation Unit is seeing an increased use of it by criminals who not only use it to trade goods and services on the dark markets but also to further launder their proceeds of crime.
"We can tackle this criminal use through new policing methods.”