How the NCA Cracked Billion-Dollar Money Laundering Rings Linked to Ransomware Gangs

The UK’s National Crime Agency (NCA) has disrupted two extensive Russian money laundering networks that operated across continents, aiding criminals worldwide, including notorious ransomware gangs.

Dubbed Operation Destabilise, this multi-agency investigation exposed the workings of the “Smart” and “TGR” networks—criminal enterprises that laundered billions of pounds while facilitating a range of illicit activities, including cybercrime, drug trafficking, and sanctions evasion.

A Coordinated Global Crackdown

The operation, unveiled today, is the culmination of a years-long international investigation led by the NCA and supported by partners such as the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), the FBI, and authorities in the UAE, France, and Ireland. To date, it has resulted in 84 arrests, the seizure of over £20 million in cash and cryptocurrency, and the dismantling of a highly advanced criminal infrastructure spanning more than 30 countries.

“Operation Destabilise has exposed billion-dollar money laundering networks operating in ways previously unknown to law enforcement,” said an NCA spokesperson. “For the first time, we’ve been able to link Russian elites, crypto-rich cybercriminals, and UK drug gangs under one sprawling criminal web.”

Meet the Criminal Networks: Smart and TGR

The investigation centered on two key networks, Smart and TGR, which worked in tandem to provide a seamless money laundering service.

• Smart, led by Ukrainian George Rossi, specialized in routing illicit funds through complex channels, often converting cash to cryptocurrency to obscure the origin of the money.
• TGR, controlled by Russian Ekaterina Zhdanova, focused on managing courier networks and facilitating large-scale cash handovers. Zhdanova worked closely with her deputies Khadzi-Murat Magomedov and Nikita Krasnov, who coordinated couriers in the UK and beyond.

These networks offered a mutually beneficial service: they helped UK-based drug gangs launder cash, reinvesting it in illegal activities like drug and firearm trafficking, while simultaneously enabling Russian elites and cybercriminals to bypass international sanctions and invest in Western economies.

How the Scheme Worked

At the heart of Smart and TGR’s operations was a complex yet effective scheme:

1. Cash Collection: Criminal gangs in one country would hand over large sums of illicit cash to couriers.
2. Crypto Conversion: The equivalent value in cryptocurrency was transferred to the gangs, enabling them to reinvest in their illegal businesses without moving physical money across borders.
3. Global Laundering: The cryptocurrency was then routed through exchanges, including some linked to sanctioned entities, making it virtually untraceable.

Investigators uncovered over 55 cash handover locations across the UK alone. One London-based courier, Fawad Saiedi, laundered £15 million before being sentenced to four years and four months in prison. Other couriers, such as Semen Kuksov and Andrii Dzektsa, facilitated transactions totaling over £12 million in just two months, operating not only in the UK but also across Europe.

Impacts on Cybercrime and Sanctions Evasion

The reach of Smart and TGR extended beyond physical crime. The networks laundered millions for ransomware gangs, including the Ryuk group, which extorted over £27 million from UK victims such as schools, hospitals, and businesses. Additionally, they helped Russian oligarchs bypass financial restrictions, threatening the integrity of Western economies.

In one case, TGR moved £2 million into the UK to purchase property for a Russian client, bypassing anti-money laundering checks. Another operation linked the networks to funds transferred out of Russia to support a sanctioned Russian media organization in the UK.

Cracking Down on Dirty Money

The combined efforts of the NCA and international partners have not gone unnoticed. The sanctions announced by OFAC today target six key figures in the networks, including George Rossi, Ekaterina Zhdanova, and Elena Chirkinyan, as well as four businesses associated with TGR. These measures aim to dismantle the networks’ financial infrastructure and disrupt their global operations.

The operation has also dealt a significant financial blow to the networks, which typically charged low commissions of around 3% for laundering services. With £20 million seized, they would need to process over £700 million in funds just to recover their losses.

A Message to Criminals

The success of Operation Destabilise sends a strong message: the UK is not a safe haven for money laundering. Increased law enforcement activity has already made it more difficult for Russian-speaking laundering networks to operate in London, with many now charging higher commission rates due to heightened risks.

Security Minister Dan Jarvis applauded the operation, stating: “Illicit finance inflicts immense harm around the world, and this major global operation marks a significant step against economic crime. The UK and its allies will continue to work together to crack down on illicit finance and the criminality it enables.”

A Call for Community Vigilance

The NCA emphasized the role of community intelligence and neighborhood policing in identifying and tackling criminal activities. “Money laundering deprives society of funds that pay for schools, hospitals, and social services,” an official noted. “Together, we can ensure crime doesn’t pay.”

By disrupting these networks, the NCA and its partners have struck a blow against not just money laundering but the broader ecosystem of violence, cybercrime, and corruption that it fuels.