A gang of five men, including a corrupt banker, have pleaded guilty to their part in laundering more than £16m for international cybercriminals.
Using their man on the inside at Barclays, the gang set up around 400 bank accounts over a three-year period, according to the UK’s National Crime Agency.
They shuffled stolen funds through these accounts to disguise the source of the money before transferring it back to cybercriminals in Eastern Europe.
Nilesh Sheth, 53, who was then a personal banking manager at Barclays, was “instrumental” in opening the “mule accounts”, the NCA said.
While under surveillance by the agency, the gang was seen meeting with Sheth at the bank and in public places including restaurants and car parks.
The money laundering operation was run by Iurie Mereacre, a 37-year-old Moldovan national, from his home in Woodford Green, northeast London.
He was assisted by associates, brothers Iurie Bivol, 36, and Serghei Bivol, 31, and Ryingota Gincota, 28, also of Woodford Green.
Source: Sky News