Property developers accused of fraud and money laundering to pay out £4.3m
Two brothers from the Bradford area have agreed to pay the National Crime Agency (NCA) approximately £4.3m, following a civil recovery investigation into their multi-million pound property portfolio.
The agency alleges it was funded by the proceeds of their unlawful conduct including money laundering and fraud.
Parvez Akhtar, 55, known locally as ‘Boney’, and his brother Zaheer Akhtar Nazir, 50, have been property developers in the area for over 30 years.
In its case at the high court the NCA alleged the brothers used their property portfolio to launder hundreds of thousands of pounds worth of criminal monies on behalf of other prolific criminals.
The agency further alleged Akhtar has been involved in a range of serious criminality since the 1990s including international VAT fraud, money laundering and fraud.
Evidence uncovered by the investigation showed he had links to a number of serious organised criminals both in the UK and overseas.
Akhtar is well known in Bradford district and has previously appeared in YouTube videos showing off his high value cars and sporting memorabilia.
Andy Lewis, head of civil recovery at the NCA, said: “Taking the proceeds of crime off individuals such as these brothers is particularly significant for the Bradford community.
“Through this work we have sent a clear message that no one is above the law, while simultaneously taking away the ability of the pair to benefit from what we assessed as the proceeds of crime.
“This action demonstrates to the criminal fraternity that we will use every available tool to disrupt and help prevent money laundering by criminals and their associates.”
The settlement will include a three-storey town house in Paddington, West London worth approximately £1.75m and two properties in Yorkshire worth approximately £300,000.