SFO Secures First Unexplained Wealth Order in £100m Fraud Case
17 January 2025
The Serious Fraud Office (SFO) has secured its first Unexplained Wealth Order (UWO) in a complex and wide-ranging fraud case involving alleged misappropriation of over £100 million of public funds.
The UWO, granted by the High Court, compels an individual suspected of benefiting from the proceeds of crime to explain the source of their wealth. It is a powerful tool that allows law enforcement to investigate and recover illicitly acquired assets, even in cases where there is insufficient evidence to secure a criminal conviction.
In this case, the SFO alleges that the subject of the UWO, a well-known British businessman with extensive property holdings, used a network of offshore companies and trusts to conceal the proceeds of a multi-million-pound fraud scheme that targeted a government department.
The UWO requires the individual to provide a detailed account of their assets, including the source and value of all properties, bank accounts, investments, and other assets worth over £50,000. Failure to comply with the order is a criminal offense.
The SFO’s investigation has involved extensive collaboration with international law enforcement agencies, including the National Crime Agency (NCA), Europol, and Interpol. The UWO was obtained with the support of the Crown Prosecution Service (CPS), which has provided legal advice and assistance throughout the investigation.
Director of the SFO, Lisa Osofsky, said: “This is a significant milestone for the SFO and a major step forward in our efforts to combat financial crime. Unexplained Wealth Orders are a powerful tool that allow us to investigate and recover illicitly acquired assets, even in cases where we do not have sufficient evidence to secure a criminal conviction.
“This case demonstrates our determination to pursue complex and wide-ranging fraud cases, regardless of the challenges involved. We will continue to use all available tools and resources to ensure that those who engage in financial crime are held to account and their ill-gotten gains are recovered.”
The SFO is continuing its investigation into the fraud scheme and is working closely with international partners to identify and seize any assets that may have been acquired through criminal activity.
SFO secures first Unexplained Wealth Order in £100m fraud case
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