Two men have been sentenced for orchestrating a £1 million fraud scheme that involved intercepting bank correspondence to steal funds from victims’ accounts.
Muhammed Qayyum, 42, and Abdul Khan, 30, collaborated in a sophisticated operation in which victims’ post was stolen, and banks were contacted to alter account details, allowing funds to be illicitly transferred.
Qayyum impersonated elderly account holders during calls to banks, facilitating the transfer of money into accounts he controlled.
Between November 2020 and April 2023, accomplices also visited bank branches using fake identity documents to impersonate victims and withdraw funds.
At Inner London Crown Court, Qayyum was sentenced to five and a half years in prison, while Khan received a 12-month suspended sentence.
Rise in Postal Fraud
The case highlights the increasing prevalence of postal-related fraud. Losses from “card not received” fraud, where intercepted cards are used for unauthorised spending, surged 39% to £1.9 million in the first half of last year compared with the same period in 2023.
The duo was apprehended by the Dedicated Card and Payment Crime Unit, a police division funded by the banking industry. Investigations revealed that they had stolen a total of £1,082,403.
A UK Finance spokesperson noted that the method of postal interception remains unclear but could involve letterboxes, shared post boxes in flats, or mail redirection.
How the Fraud Operated
After gaining control of victims’ accounts, Qayyum transferred the stolen funds, which were then laundered through cryptocurrency accounts managed by Khan.
Digital evidence traced Qayyum withdrawing money at various locations, including London, while Khan was tracked through the movement of funds into his accounts.
DCI Paul Curtis of the City of London Police commended the collaboration with banks, which provided crucial digital evidence.
“Muhammed Qayyum and Abdul Khan worked together to manipulate bank staff and steal money from innocent customers,” he stated.
ID Theft on the Rise
According to UK Finance, £29.3 million was stolen through ID theft in the first half of last year, underscoring the growing threat of identity fraud.
This case serves as a reminder for individuals to remain vigilant about safeguarding personal information and for organisations to bolster their defences against fraudulent activity.
