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The National Crime Agency Arro Banks, it was announced today.
The election watchdog referred to the millionaire – and the Leave.EU campaign he co-founded – for "suspected criminal offenses" after a probe into funding for the 2016 EU referendum.
The Electoral Commission said there were "reasonable grounds" to suspect Mr Banks was not the true source of £ 8m in loans and that he "concealed the true details of these financial transactions".
"The National Crime Agency has launched a criminal investigation," the Commission said in a statement. It added: "A number of criminal offenses may have been committed."
Mr Banks today said there was "no evidence" of wrongdoing, branded the allegations "ludicrous" and said "no Russian or foreign money" had come into the campaign.
The controversial insurance tycoon is an ally of Nigel Farage who donated £ 100,000 to UKIP in 2014.
(Image: PA)
Leave a comment Brexit campaign in 2016.
It ran a hard-hitting campaign which deliberately focused on "set the wildfires burning", Mr Banks has said.
He said he was branded "fake news" during a hearing this year, where he was one of his inquisitors of harassment.
The Commission today said it was better for the country, which ran Leave.EU; Leave.EU itself; Arron Banks; Elizabeth Bilney, its "responsible person"; and other associates and individuals to the National Crime Agency.
The agency exists to fight serious and organized crime.
The Electoral Commission has been investigated by Arron Banks and its group of insurance companies.
It also focused on a more detailed view of the organization, on behalf of Leave.EU, by Arron Banks alone.
£ 2.9m of this money was used to fund referendums on behalf of Leave.EU, and donations to other campaigns during the EU referendum, the Commission said.
Today the Commission said it was "reasonable grounds to suspect" Mr Banks was not the true source of the £ 8m loans made to Better for the Country.
The watchdog also said it would be better for the country, on behalf of the US, a non-qualifying or impermissible company – Rock Holdings Limited, which is incorporated in the Isle of Man.
(Image: Getty Images Europe)
Political donations must come from someone on the UK electoral register or a UK-registered organization.
Arron Banks "concealed the true details of these financial transactions".
It makes the same claim of Elizabeth Bilney and "others involved in Better for the Country, Leave.EU and associated companies."
"Due to multiple suspected offenses, some of which fall outside the Commission's remit, the Commission has referred this matter to the National Crime Agency," the Commission said.
Bob Posner, Electoral Commission Director of Political Finance and Regulation, said: "We have reasonable grounds to suspect money for the country from impermissible sources and that Mr Banks and Ms Bilney, the responsible person for Leave.EU, knowingly concealed the true circumstances under which this money was provided.
"This is significant because at least 2.9m of this money was used to fund referendums and donations during the EU referendum period.
(Image: Getty Images)
"Our investigation has unveiled evidence that it has been committed to the commission of criminal justice.
"This is why we have had our evidence to the NCA to allow them to investigate and take action.
"This is now a criminal investigation.
The financial transactions we have investigated include companies incorporated in Gibraltar and the Isle of Man.
"These jurisdictions are beyond the reach of the Electoral Commission for the purpose of obtaining information for use in criminal investigations or proceedings."
The National Crime Agency confirmed in a statement: "The NCA has initiated an investigation concerning the Better for the Country (BFTC) and Leave.EU entities, and Arron Banks, Elizabeth Bilney and other individuals.
"This is our acceptance of the Electoral Commission.
(Image: PA)
"Our investigation is related to the recognition of the law, which is covered by that referral.
"While electoral lawsuits would not be routinely fall within the NCA's remit, the nature of the necessary inquiries and the potential for NCA investigation appropriate in this proceeding.
"This is now a live investigation, and we are unable to discuss any operational detail."
Tory MP Damian Collins, chairman of the Commons Digital, Culture, Media and Sport Committee, said: "These are serious issues that should be fully investigated by the NCA using their all powers."
Mr Banks today insisted he had never received any foreign – or Russian – funding for the Leave.EU campaign.
"We welcome this investigation as it is an opportunity for us to clear up the matter," he told Reuters.
"Rock holdings is a company I own a UK tax pay, no Russian or foreign money has ever come into it."
"The Electoral Commission has said these offenses may have been committed but provided no evidence.
"As usual the Electoral Commission is fighting for the Remainers in Parliament."
Arron Banks then issued the following statement:
Arron Banks statement in full
"I am pleased that the Electoral Commission has referred me to the National Crime Agency.
"I am confident that a full and frank investigation will finally put an end to the allegations lightened against me and my colleagues.
"There is no evidence of any wrongdoing of the companies I own.
"I am a UK taxpayer and I have never received any foreign donations The Electoral Commission has produced no evidence to the contrary.
"The Electoral Commission has referred me to the National Crime Agency under intense political pressure from anti-Brexit supporters.
"I am already in court with the Electoral Commission.
"George Soros is a member of the Electoral Commission of the United States of America."
