A HASLINGDEN businessman who laundered hundreds of thousands of pounds has been ordered to pay back more than £800,000.

Ian Nigel Duncan Cole, 53, of Kirkhill Avenue, admitted four counts of money laundering for a drug trafficker, one count of fraud and also a separate offence of perverting the course of justice.

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He was jailed for five and a half years in 2012.

If Cole, who ran businesses in Rochdale, including three car lease companies, one of which leased prestige cars including Aston Martins, Porches, and Lamborghinis, does not pay the money back within six months, he faces another three-and-a-half years in prison.

The assets mainly comprise a large number of vehicles from his car hire companies, equity in his home, cash held in bank accounts and cash seized from him during house searches.

Ben Southam, senior crown prosecutor for the CPS North West Complex Casework Unit, said: “This has been an extremely complex investigation to prove that Ian Cole was laundering the proceeds of a high level drug trafficker. CPS and police have remained determined throughout that he should not benefit financially from his crimes.

“The criminal justice system takes the laundering of drugs money very seriously as Ian Cole’s prison sentence demonstrated, and today he has been ordered to pay back more than £800,000 within six months or face a further lengthy period in prison. This case is another example of how the CPS and the police will continue to work tirelessly to strip criminals of their ill-gotten gains.”

Cole was found to be a ‘significant player’ in the laundering of drug money for Oldham man Mohammed Farid, 41, of Wellington Road, who was jailed for over 17 years in 2012.

The convictions came following Operation Walrus, an investigation launched into a drugs gang based in the town.

Heroin, cocaine and three cannabis farms with a total estimated street value of £2.5m were recovered.

Financial investigator Hannah Davidson, said: “Operation Walrus was a significant, complex and protracted investigation into a large group of individuals involved in the sale and supply of drugs and subsequently the laundering of large sums of money.”

“Cole was Farid’s go-to man who willingly laundered hundreds of thousands of pounds of drug money that he significantly benefited from and that allowed Farid to build up an impressive property portfolio.

“Once again we have demonstrated our continued determination to strip criminals of any and all of their ill-gotten gains.”

At a Proceeds of Crime Hearing on Thursday, Cole was found to have benefited by £4.3m, and was ordered to pay back £832,623.