Fraud by Abuse of Position and Money Laundering

London Criminal Sentenced Following Over £1 Million Fraud And Money Laundering

Sentencing follows investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).

A man from East London who enabled over £1 million of fraud has been sentenced to five years and six months in prison for fraud by abuse of position and money laundering.

Said Hussain, sentenced at Southwark Crown Court, was a member of staff at a bank branch in East Ham. During his employment, he abused his position as a trusted member of staff and would steal the information of customers, gaining unauthorised access to customer accounts.

Hussain used the stolen information to order new bank cards and used some of the proceeds of crime to buy and sell high value items such as watches and drones. In addition, Hussain facilitated fraudulent transactions by monitoring customer accounts and sharing the personal details with members of an organised crime group enabling other individuals to commit fraud. Evidence highlighted through CCTV footage showed others involved in the fraud attending the branch, falsely claiming to be genuine customers and fraudulently withdrawing funds from these accounts.

Overall, Hussain’s actions enabled fraud which led to losses of £1,201,821, of which Hussain can be personally linked to approximately £615,000.   Hussain was sentenced on 29 September 2023, receiving five years and six months in prison. The victims were fully refunded by the bank.

Detective Constable Jeremy Boxall said:

Hussain abused his position as a member of branch staff and by using stolen customer details he enabled the theft of over one million pounds of customers’ funds.

By working with the banking and finance industry were able to put a stop to his criminal activity and ensure the funds were returned to the victims.

This sentencing should warn anyone who believes they can benefit financially from committing fraud that they will be caught and brought to justice

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