A recent case has highlighted the significant risks involved in property transactions, as evidenced by a conveyancing fraud incident.
- Kimberley Abdul, from Gravesend, Kent, was sentenced for her participation in a fraud scheme involving property purchase funds.
- The victim of the fraud was misled by fraudulent emails, resulting in the loss of £70,500, which was subsequently recovered by her bank.
- Detective Constable Lee Preston emphasised the role of such bank accounts in concealing the identities of fraudsters.
- New legislation proposes that banks can delay suspicious payments to combat similar frauds.
A woman named Kimberley Abdul has been sentenced to an 18-month suspended jail term for involvement in a conveyancing fraud. Abdul, aged 36 from Gravesend, Kent, was found guilty of handling criminal property. Despite Abdul’s conviction, the masterminds behind the fraud remain unidentified.
The fraudulent activity took place in April 2021, when an individual purchasing property in Hertfordshire was duped into transferring funds to a fraudulent bank account. The email, believed to be from her solicitor’s office, convinced her to send £70,500 to an account managed by Abdul.
Upon receiving the money, it was moved into a business account under Abdul’s control before being transferred to another account. Abdul used part of the funds, exceeding £900, for personal purchases, ultimately resulting in the funds being unrecoverable. Fortunately, the victim’s bank managed to reimburse her for the entire loss.
Detective Constable Lee Preston stated that such scams are not new and typically involve criminal groups exploiting knowledge of imminent property purchases. They deceive victims to transfer money into bank accounts held by accomplices who are aware of the fraudulent nature and benefit by taking a small portion before moving the majority to the orchestrators.
In response to these types of frauds, HM Treasury has proposed new legislation allowing banks to delay outbound payments by up to four days in case of suspected fraud. The measure aims to curb authorised push payment frauds that trick victims into sending money to fraudsters. The legislation requires banks to inform customers of any delays and ensure they are not penalised financially if a payment delay occurs.
The case underscores the importance of vigilance in financial transactions and the necessity of regulatory measures to protect against fraud.
