Police have arrested eight people in an operation targeting members of a Chinese gang suspected of laundering millions of pounds.

Seven men and a woman were held after officers from City of London Police raided seven addresses in London, including homes in Newham and Tower Hamlets yesterday.

The intelligence-led operation is part of a crackdown on a money laundering network which used high street banks in and around the City of London since last autumn.

The arrests were made with support from the British Transport Police, the Metropolitan Police Service, Thames Valley Police, the National Crime Agency and the Border Force.

All eight, who are all Chinese nationals, are in police custody.

Detective Inspector Craig Mullish, who is leading the investigation for the City of London Police’s financial investigation unit, said:

“Money launders are vital to criminal networks and in working to expose and disrupt these activities we will ultimately prevent serious crimes from being committed.

“We are dedicated to investigating this type of crime and will do everything it can to expose people who think it is acceptable to use the City of London as a place to legitimise money which they have made by criminal activity.”