Former football club owner facing jail for fraud

Azwar Majeed, 33, one-time owner of Crawley Football Club, used personal and company accounts to launder the cash and splash out on a Lamborghini, Ferrari Enzo and Bentley.

He also bought a number of luxurious properties in East Sussex and an array of hi-tech Bang and Olufsen entertainment equipment.

When officers raided a Knightsbridge safe deposit box, they found two holdalls stuffed with £500,000, Southwark Crown Court heard.

A further £12,000 was recovered from a safe at his then home in North Street, Brighton.

Majeed, now of Dyke Road, Brighton, admitted one count of cheating the public revenue, one of failing to keep sufficient accounting records and one of concealing criminal property. All the offences were committed between April 1, 2003, and January 31 last year.

Adjourning sentence until February 25, Judge Nicholas Loraine-Smith told the millionaire businessman he was being allowed to remain on bail so he could help a police forensic expert investigate his financial affairs for an eventual confiscation hearing.

But he warned the defendant he could remain free only if a number of strict conditions were met.

First, he would have to provide a £50,000 surety and remain in custody until the Crown had satisfied itself 'as to its provenance'. However, he is expected to be freed later on Monday.

In addition he would have to live at the Dyke Road address, be subject to a nightly 9pm to 2am curfew, be electronically tagged and report to his local police station three times a week.

He would also be banned from coming into London's congestion charge area, except to meet the forensic expert.

When he is dealt with, the court will hear that Majeed was sole director of SA Retail, which was involved with the wholesale distribution of alcohol, running off-licences, general stores and bars.

He used its account and another under his control to launder the cash and avoid paying both income and capital gains tax, as well as National Insurance contributions.