LONDON: A Pakistani-origin businessman — arrested as part of a counter-terrorism investigation into money laundering worth £37 million — has been remanded in custody after his bail application was rejected by the judge.
Hussain Farid Khan, 35, was arrested at his home in Wembley, northwest London, as part of a major investigation into money laundering in and out of the UK, including Pakistan. Farid appeared at Westminster Magistrates’ Court and denied all the charges.
The Pakistani national, who was living with his parents and also goes by the name Haji Hussain Farid Khan, indicated not guilty pleas to two counts of money laundering dating between 2017 and March 2025.
The Crown Prosecution Service (CPS) confirmed to Geo News in a statement: “Hussain Farid Khan is charged with two counts of conceal/disguise/convert/transfer remove criminal property.”
Frances McCormack, prosecuting, said: “The defendant transferred cash between various businesses that the defendant was operating and between business accounts belonging to him. He had hidden the original source of the funds, which were integrated back into the economy. Farid never provided an explanation as to the source of the funds.”
Elisenda Mitchell, defending Farid, said: “He is a Pakistani national but has indefinite leave to remain in this country and has had since 2004. His life, his friends and his parents are in the UK. Farid is motivated to clear his name and contest this matter at trial.”
District Judge Michael Snow told Farid: “The allegations you face state you laundered £37.7m worth of cash or property.”
Judge Snow remanded Farid into custody ahead of a preliminary hearing. Hussain Farid has described himself as the CEO of HFK Group of Companies and HFK Global Limited, where he is an active director. These companies do several kinds of businesses, including gold and diamond trade.
