The UK’s National Crime Agency (NCA) has secured a £3.84 million ($5.2 million) forfeiture from Caribbean-registered agricultural trader ENEX Premium Trading Limited following a civil recovery investigation into suspected money laundering and sanctions evasion. The settlement, announced on 27 August 2026, resolves an inquiry that began after reports emerged in 2024 linking the company’s owner to the shipment of stolen Ukrainian grain.
Investigation timeline and key allegations
ENEX Premium Trading Limited is owned by Azerbaijan national Nadir Valiyev and is registered in St Kitts and Nevis, a Caribbean jurisdiction. Between July and September 2024, the company transferred significant funds into newly opened UK accounts held with electronic money institutions (EMIs). When opening the accounts, Valiyev declared the source of funds as his personal wealth and retained earnings from previous trading structures, including UAE-registered Burston Trading FZE.
However, media and investigative reports in 2024 alleged that Valiyev’s companies had been involved in the shipment of grain stolen from Russian-occupied areas of Ukraine. In response, the NCA obtained an Account Freezing Order (AFO) in November 2024 over the funds held in ENEX’s UK accounts.
The agency’s subsequent investigation traced the frozen funds to bank accounts in China held by ENEX, which had turned over tens of millions of pounds from suspected front companies during the same July–September 2024 period. The NCA identified a network of suspected front companies and bank accounts being used to facilitate transactions through UK EMIs, with funds ultimately converted into cryptocurrency.
Crucially, 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 for sending funds to the Iranian QODS Force. The NCA suspects the forfeited funds represent the proceeds of money laundering.
Settlement terms and legal context
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 forfeiture was achieved through the UK’s civil recovery powers, which allow law enforcement to recover property or funds suspected to be the proceeds of crime without securing a criminal conviction. Such actions typically proceed under the Proceeds of Crime Act 2002 and related legislation, including the Criminal Finances Act 2017, which expanded administrative forfeiture capabilities for account funds.
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.
Broader enforcement trends
The case underscores the UK’s intensified focus on kleptocracy, sanctions evasion, and the misuse of the financial system to launder proceeds linked to geopolitical conflicts. It also highlights the role of EMIs and cryptocurrency conversions in modern laundering typologies, as well as the intersection between sanctions enforcement and anti-money laundering (AML) investigations.
The NCA’s action aligns with wider international efforts to disrupt networks facilitating the trade in stolen Ukrainian grain, which has been a persistent feature of Russia’s war economy since the 2022 invasion. Multiple investigations have traced shipments from occupied ports such as Mariupol and Sevastopol to buyers in Türkiye, the Middle East, and beyond, often using opaque corporate structures and flag-of-convenience vessels.
Company profile and operational claims
ENEX describes itself as an independent agricultural trading and logistical company dedicated to the handling, transportation and financing of grains, oilseeds and oilseed meals. The firm’s public positioning contrasts with the allegations that prompted the NCA’s intervention, though the settlement includes no admission of wrongdoing.
The forfeiture of £3.84 million represents one of the larger civil recovery outcomes in recent UK sanctions-related enforcement, following a pattern of high-value AFOs and forfeitures targeting proceeds suspected to be linked to sanctions breaches and transnational money laundering.
What happens next
The forfeited funds will be dealt with under the UK’s asset recovery framework, typically flowing into the Home Office’s Asset Recovery Incentivisation Scheme, which redistributes a portion of recovered proceeds to law enforcement agencies. The NCA’s statement did not indicate whether further investigative or enforcement action is planned against related entities or individuals.
For compliance professionals, the case reinforces the importance of enhanced due diligence on counterparties in agricultural commodities trading, particularly where ownership structures involve offshore jurisdictions and transactions pass through EMIs or crypto corridors.