Man admits hiding £1m cash from Kent Securitas raid

Securitas depot in Tonbridge The Securitas depot in Tonbridge was raided in February 2006

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A company director from Devon has admitted concealing nearly £1m in cash stolen in the UK's biggest cash raid.

Ian Bowrem, 46, of Higher Metcombe, near Ottery St Mary, pleaded guilty to to concealing criminal property from the £53m Securitas raid in Kent.

Maidstone Crown Court heard £990,180 was seized from the boot of his car.

The Crown Prosecution Service (CPS) said it would offer no evidence against co-defendant Jeremy Bailey, 35, of Basingstoke, Hampshire.

Bowrem and Mr Bailey had been due to face a trial beginning on Tuesday after a jury at an earlier hearing in February was discharged.

'Did not realise'

Nigel Pilkington, head of the CPS south east complex case unit, said the decision to accept Bowrem's guilty plea was made at a senior level in CPS Kent after consulting with Kent Police.

"Ian Bowrem pleaded guilty to this offence on the basis that although he believed the cash seized from the boot of his car on 23 June 2006 to be the proceeds of crime, he did not at the time realise that it was in fact money stolen during the Securitas robbery," he said.

Mr Bailey was jointly charged with concealing criminal property.

The CPS said that after carefully considering the change in circumstances in the case following Bowrem's guilty plea, there was no longer a reasonable prospect of conviction in a trial against Mr Bailey alone.

Bowrem, who is to be sentenced at a date provisionally set for 6 September, has asked for two other money laundering charges to be taken into consideration.

The CPS said they were charges he faced at Exeter Crown Court and did not relate to the Securitas robbery.

Seven men have been jailed for their roles in the raid at the Securitas depot in Tonbridge in February 2006.

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