Some of the stolen mobile phones seized by police. Photo: Met Police
Some of the stolen mobile phones seized by police. Photo: Met Police

Algerian gang jailed for mobile phone crimes totalling £5.1 million



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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

UAE currency: the story behind the money in your pockets
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Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

Updated: November 30, 2024, 4:26 AM