Freezing Order Used On £10 Million Property Portfolio
The National Crime Agency (NCA) has secured a freezing order on a UK property portfolio worth more than £10.5 million amidst money laundering concerns.
The Property Freezing Order (PFO) will delay or permanently prevent the sale of 17 addresses scattered across Leeds, Cheshire and London, as a consequence of an ongoing investigation into Leeds businessman, Mansoor Mahmood Hussain’s, connection with links to serious organised crime.
As part of the same investigation, NCA investigations in July last year had already used an Unexplained Wealth Order (UWO) to elicit and ascertain the funds used to purchase eight properties connected to Mr Hussain.
In January, the NCA had also secured an Account Freezing Order (AFO) for a company property, worth over £1.15 million, affiliated with Mr Hussain.
The original investigation resulted in a lack of compliance from Mr Hussain who failed to provide information required from the UWO. As a consequence, the NCA were able to determine that a number of the properties were bought using the proceeds of crime.
The PFO will prevent Mr Hussain or any affiliate business from selling or transferring the properties in order for the NCA to investigate the source of funds used to purchase the properties.
Any properties deemed to have been purchased using the funds from unlawful conduct would then be permanently seized by the NCA, forcing a forfeiture of all assets bought with illicit funds.
Andy Lewis, Head of Asset Denial at the NCA, said:
“As our investigation continues we are uncovering evidence of further assets linked to Mansoor Hussain. The orders we have in place ensure the assets cannot be sold or transferred.
“We use all available tools to carry out investigations into possible illicit finance, and these efforts are a vital part of protecting the people and economy of the UK from serious and organised crime.”