An Algerian gang based in London used more than 5,000 stolen phones to steal thousands of pounds from victims, a court was told.
Over the course of 18 months, the gang worked with pickpockets and drive-by thieves to steal the phones, which they then used to drain bank accounts, illegally obtain loans or otherwise steal money, with crimes totalling £5.1 million ($6.4 million). Officers believe many of the devices were then sold abroad.
Some victims had thousands of pounds transferred out of their accounts, while others were charged for fraudulent payments for designer clothes.
Zakaria Senadjki, Ahmed Abdelhakim Belhanafi, Nazih Cheraitia, Riyadh Mamouni, all living in London, were convicted of various charges, including conspiracy to commit fraud and conspiracy to receive stolen goods, on Friday at Southwark Crown Court.
“We do not underestimate the impact these crimes have on Londoners and are doing all we can to tackle phone thefts,” Commander Owain Richards, from London’s Metropolitan Police, said. “This includes increased policing in hotspot areas and making better use of technology.
“However we need the phone companies to play their part and make it more difficult for criminals to re-sell these stolen devices. The Met will be speaking with them in the coming weeks to push this issue even further.”
Senadjki, 31, Belhanafi, 25, Cheraitia, 34, Mamouni, 25, were convicted of conspiracy to receive stolen goods and jailed for between two years and eight months and eight years.
The group was tracked down by local officers from Lambeth and Southwark after victims of theft and robbery reported they had tracked their stolen devices to two main London addresses.
During a search of their homes, officers found 170 phones believed to have been stolen and they calculated that thousands more were victims of the group.
London has seen a wave of high-value street crime in the last year or so, and The National has exposed how a Rolex Ripper gang worked.
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4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
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The biog
Name: Sari Al Zubaidi
Occupation: co-founder of Cafe di Rosati
Age: 42
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Favourite drink: drip coffee V60
Favourite destination: Bali, Indonesia
Favourite book: 100 Years of Solitude
How to invest in gold
Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.
A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).
Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.
Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”
Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”
Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”
By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.
You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.
You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.
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8.20pm: Nad Al Sheba Trophy – Group 3 (TB) $200,000 (T) 2,810m
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Avatar: Fire and Ash
Director: James Cameron
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Rating: 4.5/5
Killing of Qassem Suleimani
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
Match info
Manchester United 1
Fred (18')
Wolves 1
Moutinho (53')
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Infiniti QX80 specs
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COMPANY PROFILE
Name: Kumulus Water
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Founders: Iheb Triki and Mohamed Ali Abid
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Number of staff: 22
Investment raised: $4 million
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