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British police make huge seizure of drug money

British police said on Thursday they had seized US$6 billion worth of suspected US bonds after smashing a major international drug-trafficking ring.

If the bonds are genuine, the seizure will go down as one of the biggest in criminal history. The wealth of former Colombian drug baron Pablo Escobar was estimated by Fortune Magazine in the late 1980s at a relatively modest US$2 billion.

The National Crime Squad (NCS) said they had arrested nine people in London and the surrounding area in southeast England as part of Operation Hobart, which began in July. All have been charged with drug-related offences. They also said they had seized 55,000 ecstasy tablets, a pill press, a small amount of cocaine and cannabis, ecstasy powder and around 15kg of amphetamine paste.

"The main thrust of the investigation was a drugs conspiracy," said Jackie Bennett, spokeswoman for the National Crime Squad, which oversees drug raids across Britain.

"We've got intelligence linking [those arrested] to seizures elsewhere, including a seizure in Ecuador," she said, adding that the squad had identified around ?7 million (US$11 million) in assets, thought to be owned by the gang.

Two people have been arrested in Colombia and two in Ecuador as part of the same operation, which involved police officers from all three countries. Bennett said the latest arrests -- made on Friday -- were in Colombia.

Most of the British arrests were made on July 18 and Aug. 7 and all the suspects have been charged. They are due to appear for a plea and directions hearing at Winchester Crown Court in mid-November, Bennett said.

Prosecutors in Colombia, who confirmed the arrests there, said the biggest recent seizure of drug money in Colombia was US$35 million found hidden in two Bogota apartments.

Britain has been working closely with Latin American countries and its European partners to stem the tide of drugs crossing the Atlantic. In May this year, British and Spanish customs officers seized 3.6 tonnes of cocaine with a street value of US$393 million aboard a Honduran-registered torpedo boat.
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