DUBAI // One of Britain’s most wanted men has been arrested in Dubai on suspicion of fraud and money laundering after a two and a half year hunt, police revealed on Wednesday.
Richard Ardolino, 38, is suspected of being part of a conspiracy to fraudulently obtain mortgages to buy property in Britain in 2005-2007.
He is also accused of money laundering relating to the concealment and transfer of criminal property, an April appeal from Britain’s National Crime Agency (NCA) said.
Mr Ardolino, who is from the northern English city of Leeds, was arrested in Dubai, police said, without elaborating.
A European arrest warrant was issued for Mr Ardolino at the request of England’s West Midlands Police in November 2011.
Last month, the NCA launched a campaign to track down him and other suspected criminals that the agency described as some of Britain’s most wanted fugitives.
The NCA described Mr Ardolino as slim with short dark hair and a scar on his right leg.
At the time, the NCA said it thought Mr Ardolino was hiding in Cyprus.
* Reuters
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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