CPS recovers £337,500 after uncovering years of unexplained cash funding a property scheme
A man previously convicted of money laundering and his wife have agreed to hand over more than £300,000 after prosecutors uncovered evidence that illicit funds were used to finance a long-running property operation.
Simon Cudbill and his wife, Joanne Cudbill, agreed to pay £337,500 following civil recovery proceedings brought by the Crown Prosecution Service. The settlement follows an investigation which found that the couple used undeclared and unexplained cash to acquire, renovate and sell properties over more than a decade.
The CPS worked alongside the East Midlands Police Serious Organised Crime Unit to examine the couple’s financial activity. Investigators established that, between 2009 and 2023, the Cudbills funded a series of property purchases and redevelopments using income that could not be legitimately accounted for.
Simon Cudbill was convicted of money laundering in 2008 and released from prison in 2010. Shortly after his release, he and his wife began purchasing properties in Leicestershire, carrying out extensive renovation work and selling them on for significant profits.
Despite the scale of the operation, Cudbill failed to declare any income, rental earnings or capital gains. Prosecutors found that properties were frequently placed in the names of family members, a method used to conceal true ownership and avoid tax liabilities. Profits were either reinvested into further property projects or dispersed across multiple bank accounts.
Crucially, the couple were unable to provide evidence of a legitimate source for the initial funds used to establish the property scheme. The CPS concluded that the money represented the proceeds of unlawful conduct.
Rather than pursuing a new criminal prosecution, the CPS relied on its civil recovery powers under the Proceeds of Crime Act 2002. These powers allow prosecutors to recover assets obtained through unlawful activity without the need for a criminal conviction.
Proceedings were launched to obtain a Civil Recovery Order, preventing the Cudbills from continuing to benefit financially from the unexplained wealth. Following negotiations, the couple agreed to settle the case by paying £337,500, which has now been paid in full.
Adrian Foster, Chief Crown Prosecutor for the CPS Proceeds of Crime Division, said the case demonstrated the effectiveness of civil recovery powers in tackling financial crime. He said the action ensured that the couple could not continue to benefit from money with no legitimate origin.
The case was handled by the CPS Proceeds of Crime Division’s Civil Recovery Team, which specialises in pursuing illicit assets through the civil courts. Over the past five years, the division has recovered hundreds of millions of pounds from criminal proceeds, with a significant proportion returned to victims as compensation.