A businessman from Ash faces jail after being found guilty of laundering £562,000 taken from a woman’s bank account.

Gnanathilagan Narayanasamy, 35, of Guildford Road, denied two counts of possessing criminal property during a trial at the Old Bailey in London.

On Tuesday (January 21),  he was convicted of the first count in relation to £562,400 but acquitted of the second relating to £97,525.

His friend, Janarthanan Arunasalam, 38, of Strickland Avenue in Dartford, denied two counts of entering into a money laundering arrangement totalling £660,000 but was convicted of both.

The court was told the money passed through the bank accounts of two of Narayanasamy's businesses – Pinewood Stores in Aldershot and Southborough Foods Ltd in Kent. None of the proceeds of the fraud were recovered, although both victims were recompensed by their banks.

Arunasalam was said to have recruited Narayanasamy to take part. Narayanasamy claimed he was unaware that the money was stolen and thought he was involved in a business deal.

The judge, Mr Recorder Martyn Levett QC, said he would sentence both men on February 20.

But he warned: “All options are open. This is a serious matter and invariably a sentence of imprisonment applies.”

During the trial, prosecutor Argus Bunyan said both men, in slightly different ways, were involved in laundering large amounts of money.

“The money that passed through the two bank accounts was plainly dirty money, criminal money,” he said.

“It was taken from the bank accounts of two ladies without their knowledge or permission.”

The court was told that £562,400 was moved from the account of Evelyn Mary Berry to Southborough Foods in three separate transfers during October and November 2009. Her signature was forged on the form authorising the electronic transfer.

During the same period, £97,525 was transferred from the account of Priscilla Jane Skrebowski to Pinewood Stores.

Mr Bunyon said: “Once the money arrived in Mr Narayanasamy’s account it was further transferred out of his account to Dubai, out of the reach of authorities in this country. A percentage of it was kept by Mr Narayanasamy for his role in this criminal enterprise.”

Mr Bunyon said several bank employees were dismissed following an investigation into the transfers.

“Nobody is suggesting either of these two men physically went into the bank and withdrew the money,” he said.

“It is very likely there are people more heavily involved above these two. But they played their part in the movement of the money once it had been stolen.”

Narayanasamy told police he thought that it was a business transaction arranged by his friend while Arunasalam claimed he did nothing other than introduce Narayanasamy to another businessman.

But Mr Bunyan said Narayanasamy’s claims to be an innocent dupe were undermined by the fact he has a degree in accounting and finance.