$4million fraud money confiscated in Jersey-US collaboration

Tuesday 31 January 2017

Jersey’s Law Officers have helped confiscate more than $4million from US pharmaceutical fraudsters, it has emerged.

The 11-year case had seen the Island work with the United States Attorneys for the Eastern District of Pennsylvania and the Eastern District of New York in a complex case of illegal pharmaceutical importation and online sale without prescription.

Ill-gotten funds derived from the selling were subsequently deposited in Jersey bank accounts by main perpetrator Akil Bansal and his collaborators, but much of this was repatriated after investigation by the Financial Crimes Unit.

Over $2.5million was handed over in agreement with some of the defendants, while another $1.5million was obtained through US Forfeiture Orders registered in the Royal Court in 2013 and 2016 after two of the defendants refused to cooperate.

Officially concluded in January, the collaboration with the US authorities will see Jersey keep $2million of the confiscated money in Jersey’s Criminal Offences Confiscations Fund where it will be retained for the Jersey’s benefit.

Attorney General Robert MacRae QC commented that the case was, “…a good example of close cooperation between the United States and Jersey, working across borders to bring the individuals to justice and recover the proceeds of crime.”

“It sends out the message yet again that Jersey is a leader in the fight against International crime and money-laundering, and that the Island is not a jurisdiction in which to try and hide the proceeds of crime,” he added.