UK Law Enforcement Uncovers Massive Money-Laundering Network Fueling Russia's Ukraine War Effort
A staggering £1 billion money-laundering network has been uncovered in the UK, which has been secretly funnelling illicit funds to support Russia's war effort in Ukraine. The complex web of transactions involved hundreds of couriers in 28 UK towns and cities, collecting cash from various illicit activities such as drug dealing and firearms trafficking.
The money was then swiftly converted into cryptocurrency, only to be transferred globally through a network of banks and financial institutions. British authorities have successfully arrested 128 individuals, seized over £25 million ($32.7 million) in cash and cryptocurrency, and disrupted the flow of funds to Russian-backed organisations.
At the heart of this operation are two Russian-speaking networks, Smart and TGR, which act as intermediaries for transnational crime groups involved in cybercrime, narcotics trafficking, and firearms smuggling. These networks have been instrumental in helping their Russian clients evade financial restrictions and invest illicitly earned money in Britain.
The investigation, codenamed "Operation Destabilise", has now led to the seizure of €2.6 million ($3.1 million) overseas through foreign partners. Intelligence gathered from this probe has also assisted in disrupting the flow of funds for these networks.
In December 2024, authorities discovered that some laundered funds were routed through a bank in Kyrgyzstan called Keremet Bank, which was secretly purchased by Altair Holding SA, a company linked to TGR boss George Rossi. This acquisition facilitated the transfer of money from Promsvyazbank (PSB), a Russian state-owned bank supporting Russia's military-industrial sector.
The National Crime Agency (NCA) has warned couriers that they face long prison sentences for relatively small pay, ranging from five years in prison to life imprisonment. The NCA believes couriers are a vulnerable point in these networks and is targeting them with awareness campaigns and posters nationwide.
While the NCA believes it has inflicted significant damage on these organisations, authorities remain vigilant, acknowledging that new networks will continue to emerge. "We've got to sustain the pressure," said Sal Melki, NCA's deputy director for economic crime.
A staggering £1 billion money-laundering network has been uncovered in the UK, which has been secretly funnelling illicit funds to support Russia's war effort in Ukraine. The complex web of transactions involved hundreds of couriers in 28 UK towns and cities, collecting cash from various illicit activities such as drug dealing and firearms trafficking.
The money was then swiftly converted into cryptocurrency, only to be transferred globally through a network of banks and financial institutions. British authorities have successfully arrested 128 individuals, seized over £25 million ($32.7 million) in cash and cryptocurrency, and disrupted the flow of funds to Russian-backed organisations.
At the heart of this operation are two Russian-speaking networks, Smart and TGR, which act as intermediaries for transnational crime groups involved in cybercrime, narcotics trafficking, and firearms smuggling. These networks have been instrumental in helping their Russian clients evade financial restrictions and invest illicitly earned money in Britain.
The investigation, codenamed "Operation Destabilise", has now led to the seizure of €2.6 million ($3.1 million) overseas through foreign partners. Intelligence gathered from this probe has also assisted in disrupting the flow of funds for these networks.
In December 2024, authorities discovered that some laundered funds were routed through a bank in Kyrgyzstan called Keremet Bank, which was secretly purchased by Altair Holding SA, a company linked to TGR boss George Rossi. This acquisition facilitated the transfer of money from Promsvyazbank (PSB), a Russian state-owned bank supporting Russia's military-industrial sector.
The National Crime Agency (NCA) has warned couriers that they face long prison sentences for relatively small pay, ranging from five years in prison to life imprisonment. The NCA believes couriers are a vulnerable point in these networks and is targeting them with awareness campaigns and posters nationwide.
While the NCA believes it has inflicted significant damage on these organisations, authorities remain vigilant, acknowledging that new networks will continue to emerge. "We've got to sustain the pressure," said Sal Melki, NCA's deputy director for economic crime.
Just when you think it can't get any worse, another layer of corruption is uncovered in Russia's war effort. £1 billion laundered through the UK and into Russian-backed orgs? That's just wild 
. It's crazy how these money-laundering networks operate like complex web spiders collecting cash from illicit activities. 
. And the fact that intelligence gathered has helped disrupt funds for these networks is definitely a positive step 
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. Long prison sentences aren't always enough to deter people from engaging in such activities 
.
. £1 billion is insane! And it's all just to help Russia fund their war in Ukraine 
. This is like something out of a spy movie, where these Russian networks are using our own banks and financial institutions against us 
. I'm glad the NCA was able to crack down on them though - 128 arrests and £25 million seized is no joke 
. But you're right, Sal Melki from NCA said it all - we need to keep putting pressure on these networks until they can't operate anymore 
. And those couriers who get caught? FIVE YEARS TO LIFE IN PRISON?! That's a long time for doing something that was just following orders 
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we gotta make sure our financial systems are secure and can't be exploited for nefarious purposes 
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. £1 billion in illicit funds flowing into Russia for their war effort? It's outrageous! 
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, but there are more networks out there waiting in the wings. We need to stay vigilant and keep applying pressure on these groups 
, which is a good move.
just thinking about this £1 billion money-laundering network is mind-blowing... like how one bad guy can be connected to so many other shady characters 
. But kudos to the NCA for taking down these networks and disrupting the flow of funds 
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and trying to swindle us out of our life savings! These new-fangled cryptocurrency thingies just make everything so much easier for the bad guys, don't they? I mean, £1 billion laundered through a network of couriers in 28 towns and cities... it's mental! And now they're telling these couriers that if they get caught, they could be looking at up to life imprisonment 
. That should give them some food for thought! But seriously, how do our authorities keep track of all this money movement? It's like trying to find a needle in a haystack, innit? And I hear there are already new networks emerging... it's like they're playing whack-a-mole with organised crime 
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. And the fact that these networks are using cryptocurrency and multiple financial institutions to move their illicit money around is just wild 
how they managed to funnel £1 billion to Russia's war effort in Ukraine 
. It's crazy how these Russian-speaking networks, Smart and TGR, are like intermediaries for cybercrime groups 
. Anyway, glad the NCA is on top of it, but still worried about new networks emerging 
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And what about all the innocent people who got caught up in this mess? They're the ones who should be getting help and support, not just locked away.
and theres this one guy George Rossi linked to TGR network, sounds shady lol anyway, good job NCA 