LONDON: A Pakistani-origin businessman, arrested in connection with a counter-terrorism investigation into money laundering worth £37 million, has been remanded in custody after his bail application was rejected, The News reported.
Hussain Farid Khan, 35, was arrested at his home in Wembley, northwest London, as part of a large investigation into money laundering activities between the UK and Pakistan. Farid appeared at Westminster Magistrates’ Court and denied all charges.
He pleaded not guilty to two counts of money laundering related to transactions between 2017 and March 2025.
The Crown Prosecution Service (CPS) confirmed that Farid is charged with two counts of concealing, disguising, converting, transferring, or removing criminal property.
Prosecutor Frances McCormack stated that Farid transferred cash between various businesses he operated, hiding the original source of the funds, which were later integrated into the economy. He has not provided any explanation regarding the source of the funds.
Farid’s defense lawyer, Elisenda Mitchell, emphasized that he has indefinite leave to remain in the UK, which he has held since 2004. Mitchell noted that Farid is motivated to clear his name and intends to contest the charges at trial.
District Judge Michael Snow informed Farid of the gravity of the charges, stating that they involve laundering £37.7 million worth of cash or property. Judge Snow subsequently remanded Farid in custody ahead of a preliminary hearing.
Farid, who describes himself as the CEO of HFK Group of Companies and HFK Global Limited, is involved in several businesses, including the gold and diamond trade.
