British police seize $22 mln in suspected Russian gang scam

(Adds ICE comment)

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), City of London Police said 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," said Detective Inspector Craig Mullish from the City of London Police's Money Laundering Unit.

The unnamed 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.

U.S (Other OTC: UBGXF - news) .-listed ICE said it notified the authorities "immediately upon detecting suspicious trading activity and continue to support the City of London Police."

No further details were immediately available. (Reporting by Kirstin Ridley; Editing by Louise Ireland and Andrew Heavens)