Two members of a gang that used crypto to launder stolen money obtained from war profiteering, have been jailed Tuesday in the UK.
Valeriy Popovych and Vitaliy Lutzak were both found guilty in Wood Green Crown Court, Monday, 7th April, after a 5-week trial.
The gang members were sentenced to a combined 13 years in jail for laundering more than £6 million ($7.6 million). Some of that money was used to buy a second London home for just under £1 million ($1.27 million).
A third member and Valeriy's wife, Oksana Popovych, 42, is due to be sentenced on Friday 30 May.
Semen Kuksov, the fourth defendant, was jailed for more than five-years in February. Kuksov, according to an official statement from the Metropolitan Police Department, controlled a part of the cash that was laundered.
Crypto was obtained by leveraging the need for vans, lorries and other vehicles in Ukraine as part of war efforts. The criminals used money from crime to purchase these vehicles.
Lack of regulation on cryptocurrency allowed the group to make millions within a little over a calendar year.
The Metropolitan Police conducted an investigation and found the group guilty of running a money-service business without registration, as well as transferring illegal property.
During their investigation, the UK police discovered that more than $14 million worth of cryptocurrency had passed through computer-based crypto wallets.
Metropolitan Police Detective Constable Harry Davies, from the Metropolitan Police, who led the investigation, said: "Mr Popovych presented himself as a hardworking, legitimate tradesman and used his reputation within the second-hand lorry market to clean criminal cash. He also callously saw the conflict in Ukraine as a lucrative business opportunity."
Negeen Momtahen, Specialist Prosecutor for the Crown Prosecution Service, said: "Money laundering is not a victimless crime – it is the financial lifeline which enables criminals to profit from their illegal activities.
"Last year we convicted other key members of this same money laundering network. I hope this latest prosecution demonstrates our ongoing determination to dismantling these criminal operations and bringing all involved to justice."
James Rubin is the editor
