As reported earlier this year, the Kangs Fraud Team were instructed in the largest ever Vishing Fraud case in the UK. This concluded at Southwark Crown Court on 16th September 2016.
The Mechanics of the Fraud | Kangs Fraud Solicitors
Vishing frauds are committed when a bank customer is contacted by telephone by someone purporting to be from their bank, who is in fact a fraudster.
The fraudster is equipped with confidential information about that customer’s bank account that has been purchased from corrupt members of staff at that particular bank.
A linked case concluded earlier this year at Snaresbrook Crown Court which involved a number of bank employees who were accused of being involved in the conspiracy to commit fraud
During the course of the telephone conversation, the bank customer is persuaded to divulge confidential banking information enabling the fraudster to transfer money from the customer’s account through a myriad of accounts.
In this case, high earning companies were targeted which included Solicitors’ firms, Estate Agents, Football Clubs, Veterinary Surgeries and Utility Companies.
The investigation involved police officers from the Scottish Police force, West Yorkshire Police and the Metropolitan Police.
Negotiations with the Prosecution | Successful Conclusion for Kangs Solicitors Client
Our client had initially been charged with one count of conspiracy to defraud the clearing banks of England and Wales and one count of conspiracy to launder the proceeds of the fraud.
The value of the fraud was initially thought to be well in excess of £160,000,000.
For presentation purposes, the Prosecution reduced their case to 34 specimen frauds amounting £19,000,000.
Following successful negotiations with the Prosecution, our client pleaded guilty to money laundering, on the basis he was involved in laundering between £200,000 – £250,000. Upon this basis, the allegation of conspiracy to defraud was dropped.
As the result of these successful negotiations, our client was sentenced to 3 years 6 months imprisonment.
The case was widely reported in the national press.
Further details can be read in this Telegraph online article; http://www.telegraph.co.uk/news/2016/09/21/fraudsters-made-113m-by-cold-calling-bank-customers-and-stealing/
How can Kangs Solicitors help? | Who can I contact?
If you have been arrested by the Police or face investigation or proceedings for an allegation of fraud, money laundering or other financial offence, please contact us to arrange an initial consultation with one of our specialist fraud lawyers.
Arrangements can be made to meet at any of our 3 offices in Birmingham, London or Manchester.
Please contact one of the following: