An agricultural company has agreed to forfeit more than $5.2million (£3.84m) following a NCA civil recovery investigation into suspected money laundering and sanctions evasion.
ENEX Premium Trading Limited, owned by Azerbaijan National, Nadir Valiyev and registered to St Kitts and Nevis, had transferred significant funds into recently-opened accounts held by ENEX between July and September 2024.
In opening the UK accounts, Nadir Valiyev stated that the source of funds was from his personal wealth and retained earnings from previous trading structures, which included UAE registered Burston Trading FZE.
ENEX describes itself as an independent agricultural trading and logistical company dedicated to the handling, transportation and financing of grains, oilseeds and oilseed meals.
However, reports in 2024 alleged Nadir Valiyev’s companies had been involved in the shipment of stolen Ukrainian grain and, as a result, in November 2024, the NCA obtained an Account Freezing Order over the funds in ENEX’s account.
The NCA started an investigation into the source of the funds and identified a network of suspected front companies and bank accounts which were being used to facilitate transactions through UK Electronic Money Institutions (EMIs) to be converted into cryptocurrency.
The funds frozen in the UK were traced to bank accounts in China held by ENEX which had turned over tens of millions of pounds from suspected front companies during the period July to September 2024.
The companies that made payments into ENEX’s Chinese accounts have since been designated under US sanctions for their involvement in facilitating illicit Iranian oil sales and revenue, and sending funds to the Iranian QODS Force.
The NCA suspects that the forfeited funds represent the proceeds of money laundering.
Valiyev has denied engaging in criminal activity but agreed to forfeit the funds. The settlement agreement does not amount to an admission of unlawful conduct on the part of either ENEX or Valiyev, and does not amount to evidence of criminal conduct.
The head of the NCA’s Combatting Kleptocracy Cell (CKC) said: “NCA officers worked diligently to track the source of these funds, uncovering evidence that payments made into ENEX’s accounts had been made by US sanctioned companies. The NCA will continue to use all powers at our disposal to identify, pursue and recover cash used in crime.”
27 August 2026
