National Crime Agency
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Persistence pays off as NCA recovers more than $7m of illegal profits
Following a Recovery Order first granted by the High Court in May 2013, the National Crime Agency has recovered more than $7m from an alleged international fraudster and money launderer
In the civil recovery application the NCA submitted that Mr. Hakki Yaman Namli, who resides in Turkey, was involved in fraud on an international scale and had derived millions of US dollars, held in two UK bank accounts, from complex investment fraud and money laundering. Mr. Namli owned and managed the First Merchant Bank OSH Ltd in north Cyprus. The investigation showed that the bank routinely produced bank funding advices and letters of credit which it ‘sold’ to investors for an advance fee.
The NCA submitted that the banking communications were fraudulent and that the documents were actually being used to defraud investors of their funds. During the trial, the court heard that these frauds occurred over a six year period between 1996 and 2002.
On 10 May 2013, the Honourable Mr. Justice Males handed down his judgement and found that, on balance of probability, Mr. Namli was involved in fraud on an international scale and money laundering. He granted a Recovery Order over $6.5m contained in the UK bank accounts. However the judge further ruled that other money in the account was not recoverable as it represented the profits on investments made with money loaned to Mr. Namli by the bank.
The NCA appealed the decision not to grant a Recovery Order over these profits and on 4 April 2014 the Court of Appeal ruled in the NCA's favour, granting all money held in the accounts - approximately $7.2 million and 150,000 Euro – was recoverable.
Mr. Namli also sought to appeal the original Recovery Order, but his appeal was stayed because he failed to comply with an order to give security for the NCA’s costs, approximately £680,000. After failing to comply with a further order to provide the security, his appeal was struck out by an Order of the Court of Appeal on 23 June 2014, and yesterday (19 August) the money, totalling more than $7m, was transferred to the NCA.
Notes to editors:
- The UK bank accounts were held in the name of a BVI company (Topinvest Holding International Limited) which was controlled by Namli who was the beneficial owner.
- Two week trial in RCJ 11 April to 25 April 2013
- The Recovery Order was granted against Hakki Yaman Namli address in Turkey, and Topinvest Holding International Limited on 10 May 2013 in RCJ.
- The appeal to recover the profits was heard on 19 February 2014
- RCJ granted the Property Freezing Order on 29 April 2009
