Serious Fraud Office
SFO nets £1.52m from convicted Birmingham fraudster
The SFO has secured the forfeiture of over £1.5 million from convicted fraudster Nisar Afzal, 61, of Birmingham.
The forfeited money came from the sale of two properties in Birmingham, which Afzal originally bought with the funds from a series of long firm frauds. Afzal, who fled Britain for Pakistan in the mid-2000s, was also implicated in a series of mortgage frauds, for which his brother, Saghir Afzal, was convicted and jailed in 2011 for 13 years.
The development is believed to be one of the largest seizures of its kind in the UK and is the SFO’s first use of this enforcement tool, brought in under new powers from the 2017 Criminal Finances Act.
Mark Thompson, Chief Operating Officer at the Serious Fraud Office said:
“Nisar Afzal decided to become a fugitive from justice instead of remaining in the UK to answer for his activities.
“Our actions send a clear message to anyone involved in fraud, bribery or corruption – that we will work tirelessly to get back the proceeds of your crimes.”
The money recovered will be returned to the Treasury and invested in public projects.
Prior to the forfeiture, the money was subject to an account freezing order to prevent Nisar Afzal from withdrawing funds.
Notes to Editors
- Nisar Afzal forfeited all funds held in the relevant UK bank account following a court order at Westminster Magistrates’ Court late on 14 March 2019.
- The total forfeiture order is £1,522,756.72. This is the total available funds resulting from the sale of two properties in which Afzal had an interest.
- The Criminal Finances Act 2017 amended the Proceeds of Crime Act to enable law enforcement agencies to freeze and forfeit money held in bank accounts and building societies that resulted from unlawful activity or is intended to be used to support that activity.
- Nisar Afzal was implicated, but not charged, in a fraudulent mortgage scheme the SFO investigated and prosecuted in 2011.
- An international arrest warrant for Nisar Afzal remains in force.
Latest News from
Serious Fraud Office
Fighting fraud and corruption in a shrinking world04/04/2019 15:05:00
Lisa Osofsky, Director, yesterday (3 April 2019) speoke at the Royal United Services Institute in London.
Senior bankers sentenced to 9 years for rigging EURIBOR rate01/04/2019 16:25:00
Today Carlo Palombo and Colin Bermingham were sentenced to a total of 9 years imprisonment at Southwark Crown Court for manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis.
Fourth senior banker convicted of fraud in SFO’s EURIBOR manipulation case29/03/2019 09:38:00
Former Managing Director at Barclays, Colin Bermingham, has been convicted of manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis following an investigation and prosecution brought by the Serious Fraud Office.
Former banker convicted of fraud in SFO’s EURIBOR manipulation case27/03/2019 15:25:00
Former Barclays banker Carlo Palombo has been convicted of manipulating the Euro Interbank Offered Rate (EURIBOR) following an investigation and prosecution brought by the Serious Fraud Office.
SFO opens investigation into London Capital & Finance Plc19/03/2019 09:20:00
The Serious Fraud Office, working in conjunction with the Financial Conduct Authority, has opened an investigation into individuals associated with London Capital & Finance Plc.
Sara Lawson QC appointed as new SFO General Counsel25/02/2019 15:05:00
Following a fair and open competition, the Serious Fraud Office is pleased to announce that Sara Lawson QC is to join the SFO as our new General Counsel in May.
SFO closes GlaxoSmithKline investigation and investigation into Rolls-Royce individuals22/02/2019 15:05:00
Today, the Director of the Serious Fraud Office announced the closure of the Rolls-Royce and GlaxoSmithKline cases.
Former senior executive convicted in Petrofac investigation07/02/2019 12:38:00
In connection with the SFO’s ongoing investigation into Petrofac Limited and its subsidiaries (“Petrofac”), on 6 February 2019 David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates’ Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) of the Bribery Act 2010.