Assets Recovery Agency v Olupitan & Anor [2007] EWHC 162 (QB) (08 February 2007)

Assets Recovery Agency v Olupitan & Anor [2007] EWHC 162 (QB) (08 February 2007)

The court found, on the balance of probabilities, that Mr Olupitan obtained 157 Wellington Drive, 23 Hazelmere Road, and the funds in two Abbey National bank accounts through unlawful conduct including mortgage fraud, conspiracy to defraud, and money laundering. The explanations for the sources of funds were rejected as untruthful. Ms Makinde did not acquire any interest in 23 Hazelmere Road in good faith or for value without notice. The funds for 30 Wellstead Road were, on a fine balance, found to be from a lawful source. The Director was entitled to a recovery order over the two bank accounts, 157 Wellington Drive, and 23 Hazelmere Road, with the mortgage to be repaid from sale proceeds.

Citation
[2007] EWHC 162
Parties
Claimant: THE DIRECTOR OF THE ASSETS RECOVERY AGENCY; First Respondent: AYODELE OLUSEGUN OLUPITAN; Second Respondent: OMATAYO ABIDEMI MAKINDE
Jurisdiction
England and Wales
Judgment Date
08 February 2007
Procedural Posture
Civil Recovery Proceedings Under Proceeds of Crime Act 2002 / Final Judgment After Contested Hearing
Outcome
Recovery order granted in part
Legal Topics
Civil Recovery of Proceeds of Crime, Mortgage Fraud, Money Laundering, Conspiracy to Defraud, Good Faith Acquisition, Human Rights Act 1998, Balance of Probabilities, Associated Property, Vesting and Realisation of Recoverable Property
Civil Law Proceeds of Crime Property Law Human Rights Civil Recovery of Proceeds of Crime Mortgage Fraud Money Laundering Conspiracy to Defraud +5 more

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Parties

THE DIRECTOR OF THE ASSETS RECOVERY AGENCY

Claimant

AYODELE OLUSEGUN OLUPITAN

First Respondent

OMATAYO ABIDEMI MAKINDE

Second Respondent

Procedural Posture

Civil Recovery Proceedings Under Proceeds of Crime Act 2002 / Final Judgment After Contested Hearing

Legal Issues

  1. 1 Whether properties and bank accounts held by the respondents are recoverable property under Part 5 of the Proceeds of Crime Act 2002 due to being obtained through unlawful conduct
  2. 2 Whether the mortgage for 23 Hazelmere Road was obtained by fraud
  3. 3 Whether Ms Makinde acquired any property in good faith or for value without notice

Ratio Decidendi

The court found, on the balance of probabilities, that Mr Olupitan obtained 157 Wellington Drive, 23 Hazelmere Road, and the funds in two Abbey National bank accounts through unlawful conduct including mortgage fraud, conspiracy to defraud, and money laundering. The explanations for the sources of funds were rejected as untruthful. Ms Makinde did not acquire any interest in 23 Hazelmere Road in good faith or for value without notice. The funds for 30 Wellstead Road were, on a fine balance, found to be from a lawful source. The Director was entitled to a recovery order over the two bank accounts, 157 Wellington Drive, and 23 Hazelmere Road, with the mortgage to be repaid from sale proceeds.

Court Disposition

Recovery order granted in part

Orders

  • Recovery order made in respect of Abbey National bank accounts 30147981 and X142 85406 in the name of Mr Olupitan
  • Recovery order made in respect of 157 Wellington Drive, Dagenham