Gang jailed for £23 million crypto cash-laundering operation

•Four jailed for laundering dirty cash into cryptocurrency for a network of criminal gangs

•The gang laundered £23.4 million between January 2018 and June 2020

•They exchanged messages on the encrypted EncroChat network, which was taken down in 2020.

Four men who laundered £23.4 million of dirty cash into cryptocurrency have been jailed for a total of 27 years.

Michael Konnor, 27 and Shiraz Khan, 47, controlled a money laundering gang that cleaned cash for organised crime groups between January 2018 and June 2020.

John Geddes, 76 and Carlos Zapata, 58 moved the cash and provided key links to Irish and Kurdish criminal groups, who utilised the services of Michael Konnor and Shiraz Khan to launder money.

Following an investigation by HM Revenue and Customs (HMRC) the men were charged and prosecuted with money laundering by specialist prosecutors in the Crown Prosecution Service (CPS).

The men laundered money through personal and business bank accounts before transferring it to third party cryptocurrency traders.

The EncroChat phone network was taken down in 2020 following an international law enforcement operation, led in the UK by the National Crime Agency (NCA).

Even after their arrest in December 2019, Michael Konnor and Shiraz Khan continued to launder more than £4.5million and adapted their tactics in a bid to cover their tracks. They went on to use companies, bank and crypto accounts in the names of third parties.

The men also exchanged incriminating messages about the collection of cash where kidnap, extortion and drug dealing was discussed on the encrypted communications network EncroChat.

One encrypted message, which was sent in April 2020 to Shiraz Khan, who had the handle name MuteOrchid, said: “The truth is he will not want to pay. He will only pay cos we will have his son. Basically, he will be kidnapped and released when money hits account. His son is his weakness.”

Margaret Mousley, Deputy Director of HMRC’S Fraud Investigation Service, said:

“The messages exchanged by this gang shows the link between money laundering and the serious and organised criminals that bring misery to our communities.

“Even after they were arrested this brazen gang continued to collect cash from other criminals and tried to cover their tracks by converting it into cryptocurrency.

“These sentences should serve as a warning that we have the skills and resources to investigate complex money laundering cases and will bring those responsible to justice. I’d urge anyone with information to report it to HMRC on GOV.UK.”

Giorgina Venturella, Specialist Prosecutor in the CPS, said:

“These men laundered money on behalf of gangs. Despite the cash seizure, arrest and searches, the money laundering operation continued. Cash continued to be collected, monies paid into and transferred between bank accounts, and cryptocurrency purchased.

“Konnor and Khan evolved their modus operandi in an effort to avoid further law enforcement attention, utilising the encrypted medium of Encrochat to communicate regarding the organising of cash collections, bank transfers and Bitcoin purchases.

“By taking down this group, HMRC and the CPS have disrupted a multi-million-pound international criminal enterprise. The CPS will be applying to confiscate the proceeds of these defendants’ crimes.

“We have launched our new Serious Economic and Organised Crime Strategy which renews our emphasis on recovering criminal assets and removing financial incentives that drive organised crime.”

Geddes acted as a cash courier and was caught with £149,940 in the front passenger seat and boot of his Audi car, which was stopped in Wanstead, East London, in November 2019.

Konnor and Khan controlled a comprehensive cash courier network and several business accounts in the name of Coinhub Ltd (formerly SHS Exchange Ltd) and Eagle Host Ltd.

These accounts received large sums in cash deposits and electronic transfers between January 2018 and June 2020. More than £27 million was credited to these accounts and £19.1 million of this cash was transferred to cryptocurrency traders.

Shiraz Khan, John Geddes and Carlos Zapata were all convicted following a nine-week trial at Southwark Crown Court. Michael Konnor pleaded guilty during trial on February 18, 2026.

Action to recover the proceeds of crime has been launched.

Notes to Editors

1.Broadcast interviews with a HMRC spokesperson are available on request.

2.Michael Konnor (previously known as Hrach Ghapantsyan) DOB: 29/03/1999, of Braund Avenue, Ealing, London, admitted money laundering offences contrary to section 328 of the Proceeds of Crime Act (2002). He was jailed for 4 years 6 months.

3.Shiraz Khan, DOB: 05/03/1979 of Edgehill Rd, London was convicted of money laundering offences contrary to section 328 of the Proceeds of Crime Act (2002). He was jailed for 11 years,.

4.John Geddes DOB: 14/10/1949, of Sedgwick Park, Horsham, West Sussex was convicted of money laundering offences contrary to section 328 of the Proceeds of Crime Act (2002). He was jailed for 6 years and 6 months.

5.Carlos Zapata (previously known as Zia Chowdhury and John Galt): DOB:16/06/1967, of Baldwins Lane, Birmingham was convicted of money laundering offences contrary to section 328 of the Proceeds of Crime Act (2002). He was jailed for 5 years and 9 months.

6.The CPS Proceeds of Crime Division has in the last five years, recovered over £530 million from Confiscation Orders, ensuring that thousands of convicted criminals cannot profit from their offending. Over £102 million of that amount has been returned to victims of crime, by way of compensation.

7.Follow HMRC’s Press Office on X @HMRCpressoffice.