Drug gang’s money launderer jailed

A BUSINESS man who laundered hundreds of thousands of pounds for an Oldham drugs gang has been jailed for five and a half years.

Ian Cole, of Kirkhill Avenue, Haslingden, pleaded guilty to four counts of money laundering, one count of fraud and a separate offence of perverting the course of justice.

The 51-year-old has also been banned from being a company director for seven years. A Proceeds of Crime Act (POCA) investigation into his finances is ongoing.

In June 2008, GMP’s Drugs Unit began Operation Walrus, an investigation into an Oldham drugs gang. During the surveillance, 27 kilos of heroin, half a kilo of cocaine and three commercial cannabis farms, with an estimated street value of £2.5million, were recovered.

Mohammed Farid (39), of Wellington Road, Coppice, was identified as being at the head of the gang. He was jailed for 17-years and five months in June for drugs and money-laundering offences.

The investigation looked into the gang’s finances and it became apparent that Cole, who ran three car-lease companies in Rochdale — Translease UK Ltd, Network North-West and NET Security — was a significant player in the laundering of drug money.

Cole admitted laundering £90,000 of Farid’s drug money to help him purchase the Big Cafe in Silver Street, Oldham, and £35,000 for the attempted purchase by Farid of 1C Denmark Street, Greenacres. This sale did not go through.

Farid was also on the payroll of Translease UK Ltd, and Cole admitted changing pay slips to make it look like Farid was earning £5,000 a month to allow the drug dealer to purchase a £350,000 bungalow in Rossendale.
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