Bank employee who created fake accounts to launder money is jailed

A bank employee who opened more than 100 fake accounts to launder hundreds of thousands of pounds in stolen money has been sentenced today (12 December).

Jinal Pethad, 29, of Edgware, worked for Barclays Bank and set up a number of accounts in false identities for the purposes of money laundering. He also used Barclays' internal systems to assist criminals in controlling the accounts so that they could obtain stolen money paid into them.

Pavel Gincota contacted Pethad to get him to set up the accounts, facilitate transfers and assist him to control the accounts. Gincota, along with Ion Turcan, had already pleaded guilty to conspiracy to money launder. They received five years eight months and seven years' imprisonment respectively.

Gincota and Turcan used the accounts set up by Pethad to receive stolen funds, moving them between the fake accounts before the money was withdrawn.

Pethad pleaded guilty on the first day of his trial and was sentenced to six years and four months in prison.

Tom Guest, of the CPS, said: "Pethad abused his position of trust in his job to set up more than 100 accounts, and to access further fake accounts, all for the purpose of hiding and obtaining money stolen from businesses and individuals.

"The CPS presented evidence which showed the network of accounts used, how those accounts were being controlled by Gincota and Turcan, and the important role of Pethad within the bank who facilitated this criminality and who benefitted personally from the conspiracy."