Two men, Muhammed Qayyum and Abdul Khan, have been sentenced for orchestrating a £1 million fraud scheme that involved intercepting bank letters and siphoning money from unsuspecting victims’ accounts. The duo operated from November 2020 to April 2023, employing a sophisticated method to impersonate elderly individuals and manipulate bank staff into transferring funds. Their elaborate fraud was uncovered through the diligent work of the Dedicated Card and Payment Crime Unit.
Qayyum played a pivotal role by impersonating elderly men and women to deceive banks into transferring money into accounts he had set up specifically for this purpose. Meanwhile, Khan facilitated the laundering of these stolen funds through cryptocurrency accounts, making the money trail harder to trace. The collaboration between these two individuals enabled the scheme to flourish over several years.
The investigation, which involved cooperation with several banks, revealed critical digital evidence that identified Qayyum as the mastermind behind the fraudulent activities. This evidence included records of him withdrawing money from various locations across the UK. Additionally, financial tracking led authorities to Khan by tracing the flow of illicit funds directly to his accounts.
Authorities apprehended the men as part of a broader crackdown on financial crimes. Detective Chief Inspector Paul Curtis commented on the case, stating:
“Muhammed Qayyum and Abdul Khan worked together to manipulate bank staff and steal money from innocent customers.”
The Inner London Crown Court handed down a five-and-a-half-year prison sentence to Qayyum. In contrast, Khan received a 12-month suspended sentence due to his role in laundering the funds.
The case highlights a worrying trend in financial fraud. "Card not received" fraud saw a significant increase, with losses rising by 39% to £1.9 million in the first half of last year alone. Furthermore, identity card theft led to £29.3 million being stolen in the same period, raising concerns about the security of personal information.