BELFAST: Gold smuggled by criminals into the UK worth has been sold at a Belfast auction for more than £500,000 (€696,000).
The precious metal was seized during an investigation by HM Revenue and Customs (HMRC) into a £9 million smuggling plot that saw the gang’s leader, Chaudry Ali of Middlesex, jailed for nine years in 2012.
He was ordered to pay back £4.3 million of his criminal profits or serve an extra 10 years in prison when he appeared at Kingston Crown Court a year ago.
Mike Parkinson, assistant director of fraud investigation at HMRC, said Friday’s sale sent out a message that criminal assets would be pursued even after a conviction is secured.
“We will always look to reclaim illegal profits to bring them back into the UK economy.
“If Mr Ali serves his 10 years in prison and does not pay back the assets that it is known he has got we will still be chasing him for that money when he is released from prison.”
Almost 150 kilos of gold, estimated to be worth more than £2.5 million, were smuggled into the UK by Ali’s criminal gang.
Mainly gold bars were sold during an online auction on Friday, netting £522,000.
Other seized material, including gold bracelets and other jewellery with an estimated value of £500,000, is expected to be auctioned shortly.
Further action to recover the proceeds of crime is being taken by selling properties and land worth nearly £2 million owned by Ali in Birmingham and London.
Saudi Asyad Group pledges to expand investment in Pakistan, eyes airport privatisation
ISLAMABAD: Saudi investor Asyad Group has expressed its commitment to expand its existing investments in Pakistan and explore new opportunities...
