The National Crime Agency (NCA) has seized an 8.9 carat Cartier diamond ring worth more than £1 million from the wife of an Azerbaijani banker. The ring, which was bought in Harrods in 2011 by Jahangir Hajiyev for his wife Zamira for £1,190,000 plus VAT, was seized at a London jewellers, where it had been taken for repair. The move is the latest in the UK’s first McMafia-style ‘dirty money’ investigation into Mr Hajiyev, the subject of the NCA’s first unexplained wealth order (UWO).
Mr Hajiyev’s wife has refused to explain the source of her wealth to the authorities and, if she continues to do so, she faces having her properties seized. These include an £11.5 million home in Knightsbridge and a £10.5 million golf and country club in Ascot. In addition to these assets, it was revealed in the High Court last year that she has spent £16,309,077.87 in Harrods in just over 10 years and has had access to a £33 million Gulfstream G550 jet.
According to the NCA, the source of the money to buy the ring needs further investigation but it is not the only asset to be looked into. The other UWO against her is for the property in Knightsbridge, which was bought by an offshore company, a common ploy for people trying to launder their cash.
The provenance of assets is often investigated by forensic accountants when money laundering is suspected, as these experts can usually track where the money came from to buy goods.