British police seize $22 mln in suspected Russian gang's scam

LONDON, May 11 (Reuters) - British police seized cheques for $22 million related to a suspected Russian organised crime scam that used the London futures market to launder cash through two Russian companies, a Swiss firm and a British Virgin Islands investment group.

After a four-month investigation by police and exchanges operator Intercontinental Exchange Inc (NYSE: ICE - news) (ICE) into suspicious trading on the futures market, City of London Police said on Wednesday they had seized four cheques six weeks after the arrest of a Russian broker on suspicion of money laundering.

"Our investigation points towards a suspected Russian organised crime group using London's futures market to launder millions of dollars worth of criminal revenue," Detective Inspector Craig Mullish from the City of London Police's Money Laundering Unit said.

The Russian broker was arrested in London on March 23 on suspicion of fraud and has been released on bail until July, the police said in a statement on their website.

No further details were immediately available.

ICE in London was not immediately available for comment. (Reporting by Kirstin Ridley; Editing by Louise Ireland)