Brokers targeted in multimillion pound scandal

A crime investigation has uncovered evidence of a fraudulent property developer using brokers as tools to obtain finance…

Aqeel Khan, 38, of Lane End, Clayton, headed a group which owned £10 million pounds worth of property assets, funded largely from cash laundered through multiple bank accounts, according to the National Crime Agency. 

The group behind the operation included Aqeel’s brother, Atique Anwar Khan, 34, of Ewart Street, Bradford, who coordinated the flow of cash into third party bank accounts, and Aqeel’s employee Mohammed Zulqurnain, 36, of Whetley Hill, Bradford, who laundered money through his accounts and had property assets put into his name.

Aqeel and Zulqurnain are understood to have used insurance brokers as facades for obtaining finance from legal monetary institutions for fictional or vastly overblown insurance policies, which were later used to fund property purchases. On occasion the funds were used to finance Aqeel’s lifestyle.

An associate of Aqeel, Ajib Khan, 34, of Heath Road, Bradford, also plead guilty to laundering money into property along with almost £100,000 of cash being seized from Ajib’s home address. 

All four men pleaded guilty to money laundering charges with Aqeel and Zulqurnain admitting to fraud offences. Aqeel also pleaded guilty to owning a bogus bank document and contempt of court charges.

Leeds Crown Court sentenced Aqeel to six years in prison whilst Zulqurnain was given a two-and-a half-year jail sentence. Ajib was given a two year suspended sentence, while Atique received a six month suspended sentence.

David Norris, National Crime Agency Branch Commander, said Aqeel presented himself as a successful and wealthy businessman and property developer, when in reality he was the head of a large-scale money laundering operation.

“He was also defrauding financial institutions out of millions of pounds and using the profits to fund his own lavish lifestyle,” he said.

“Organised criminals need people who can launder their cash to make it look legitimate and this group provided that service on an industrial scale."