United Kingdom prosecutors have moved to seize all assets belonging to Craig Costello, including his houses, cash, and digital assets. Costello is the final member of four Teesside pals who were convicted of running a global drugs ring. Prosecutors mentioned that his bank account and crypto stash grew with dirty cash. Prosecutors mentioned that he funneled money into several investments in the UK, noting his affinity for digital assets. Initially, the prosecutors had filed a proceeds of crime application over his five-bedroom home, which led to them selling it. In addition, his quad bikes and a number of luxury vehicles have also been confiscated and liquidated under the ruling. United Kingdom prosecutors want to seize Costello’s assets The prosecutors mentioned in court that Costello worked alongside his business partners John Watson, Steven Beazley, and Dave Wright, managing the Teesside arm of a global drugs ring between 2015 and 2016. The quartet worked under Stockton drugs baron Jon Moorby, who operated the network alongside Merseyside gangster Lance Kennedy. The pair directed the movement of drugs from Spain and Belgium into the UK. Prosecutors mentioned that Kennedy organized and controlled an estimated £17 million of cocaine imports into the United Kingdom. The operation led to the inflow of class A drugs across several Channels in chartered helicopters from 2015 to 2016. Couriers also moved the cocaine up to Merseyside from Kent and across the North East. The four-man gang, including Costello, was convicted of conspiracy to supply class A drugs in 2021 after Cleveland police put them under surveillance to gather evidence. Costello was not present in court during the jury’s verdict, with UK prosecutors mentioning that he had fled the country for the Middle East. He was later taken to court while driving in Amsterdam and brought back to the United Kingdom in 2022 to begin his nine-year sentence. Meanwhile, financial investigators claim that Costello made about £1.6 million in illegal profits. Prosecutors have also identified several payments into his bank account. Investigators continue to track Costello’s account The investigators claim that the payments into his account were consistent with drug trafficking profits. They mentioned that they have also traced £4,012.21 worth of Ethereum Classic in Costello’s name, which they claim originated from his drug sales. While prosecutors are zeroing in on the digital assets, it remains to be seen if Costello has some other hidden stash kept somewhere to be retrieved at a later date. The exact amount to be seized from Costello has yet to be settled due to the proceeds from the sale of his house not being finalized between him and his former partner, Victoria Costello, who initiated divorce proceedings after he was sent to prison. Paperwork from the proceeds of crime application showed that the equity in the house is £107,722. The outstanding mortgage owed to the Royal Bank of Scotland and a debt to the government agency had been settled. The separated couple attended the Durham Crown Court last month, where prosecutor Steve McNally mentioned that Mrs Costello is claiming to have paid cash as part of the deposit on the home when it was originally bought. The CPS has paused the former couple’s divorce proceedings until the finances are settled. According to reports, the convicted drug trafficker has been found to have more than £137,577 in cash and assets available to be confiscated by the authorities. A Judge is expected to sign the confiscation order early this year. Costello’s former drug pals also had their proceeds of crime applications finalized some time ago. John Watson, Dave Wright, and Steven Beazley paid back less than £300,000 from a £4 million profit. Join Bybit now and claim a $50 bonus in minutes
