A professional money launderer has been jailed for three years and two months for his role in transferring money from a million Euro fraud.

Elton Sheldon, 59, of Ballachrink Drive, Onchan, was found guilty by a jury today of four counts under the Proceeds of Crime Act and one of demanding property on forged documents.

The Court of General Gaol Delivery heard that he was involved with a network that attempted to launder the proceeds of an elaborate fraud at French industrial equipment supplier Testo.

Other criminals had stolen Euro 1m from Testo when its IT system was compromised with spyware.

A single transaction of Euro 301,752 of that fraud was transferred on January 20, 2016 from Testo’s bank account to a personal bank account opened by Sheldon at Barclays Isle of Man some months before.

Sheldon had tried to open a corporate account at the same bank but was denied when Barclays became suspicious.

He also tried to transfer Euro 230,000 to China and furnished the bank with a bogus memorandum of understanding between himself and the Testo group.

Jailing him for a total of three years and two months, Deemster Kainth told Sheldon that money laundering was not a victimless crime.

Although ultimately the Euro 301,752 was returned to Testo, staff there had feared for two months that they would not be paid or could lose their jobs.

Sheldon chose not to give evidence at his trial. In a prepared statement given to police after his arrest, he claimed that he had not known or suspected the money was the proceeds of crime.

But Deemster Kainth told him: ’I’m more than satisfied the jury came to the right conclusion.’

For a full court report, see next week’s Examiner.