UK money-laundering: Indian-origin bank employee jailed
London-based Jinal Pethad acted as the personal bank manager to money launderers Pavel Gincota and Ion Turcan, setting up 105 sham bank accounts using false identity documentsworld Updated: Dec 18, 2017 19:22 IST
An Indian-origin employee of Barclays Bank who acted as a “personal bank manager” to twomoney launderers has been jailed for six years and four months for his role in a conspiracy to launder more than £2.5 million that had been stolen using malware.
Cyber crime officials said London-based Jinal Pethad, 29, acted as the personal bank manager to money launderers Pavel Gincota and Ion Turcan, setting up 105 sham bank accounts using false ID documents.
Pethad managed the accounts to ensure that receipt of the stolen funds was not blocked by the bank’s security processes and that the pair could freely transfer money between the accounts. Gincota and Turcan were jailed in October 2016 and Pethad was arrested the following month.
During a search of Pethad'shome in Edgware, officials of the National Crime Agency (NCA) recovered more than £4,000 in cash, seven luxury watches and three mobile phones, all of which were used to communicate with Gincota.
Multiple text messages on one of the phones showed Gincota making arrangements to open new accounts and asking Pethad to change details, such as addresses and security information, on existing ones. Pethad pleaded guilty in the high court.
Mark Cains of NCA said:“Jinal Pethad abused his position of trust at the bank to knowingly set up sham accounts for Gincota and Turcan, providing a vital service which enabled them to launder millions.
“Using his knowledge of the financial system, he made sure the stolen money was not blocked before entering these accounts, and provided the pair with reports to evidence his efforts and maintain the criminal relationship.”
A Barclays Bank spokesman said: "We have worked with and supported the police with this investigation and welcome the outcome of the proceedings. Barclays has a zero tolerance to any unlawful activity and confirms Jinal Pethad was dismissed by the bank.”