Lyca's cash-stuffed rucksacks

petef · 07-10-2015, 17:10

A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week.

http://www.buzzfeed.com/heidiblake/t...ash-stuffed-ru

--
Pete Forman
http://petef.22web.org/payg.html

d123 · 07-10-2015, 17:47

Quote:

Originally Posted by petef

A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week.

http://www.buzzfeed.com/heidiblake/t...ash-stuffed-ru

--
Pete Forman
http://petef.22web.org/payg.html

Your description makes it sound like they were just depositing money on street corners to give away to the public

.

I see its apparently an allegation of money laundering or tax evasion.

Quote:

One of the Conservative party’s biggest corporate donors, Lycamobile, is facing serious questions over its finances after three bagmen were secretly filmed dropping off rucksacks stuffed with hundreds of thousands of pounds twice a day at Post Offices across London.

A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week. Legal and financial experts said the “deeply suspicious” cash deposits should be urgently investigated.

binary · 07-10-2015, 18:58

Quote:

Originally Posted by petef

A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week.

http://www.buzzfeed.com/heidiblake/t...ash-stuffed-ru

Always thought Lyca was a big shifty, but this is just deeply dodgy.

I wonder if some of Lyca's competitors operate in a similar fashion...

That said, let us not forget how some of the big player's do things, for example Vodafone's deep reluctance when it comes to paying tax.

The telco industry has a dark side, no doubt.

Gigabit · 07-10-2015, 19:19

Do Lyca have a lot of money then? They always seemed to be a tiny company to me.

lightspeed2398 · 07-10-2015, 20:09

Quote:

Originally Posted by Gigabit

Do Lyca have a lot of money then? They always seemed to be a tiny company to me.

I bet they're used very frequently by some people due to their cheap international pricing and aggressive targeted marketing. They're not really some tinpot little thingy. Indeed they have a stall on the first floor of the Manchester Arndale and it's always staffed by two people (I presume it's a reseller but it looks quite professional actually).

I was in Germany recently and I noticed how much advertising the MVNOs there do which was very interesting. They're big players because of how high the contract prices are. The 4g access is trickling down to them slowly on o2-de but telekom.de and vodafone DE keep their 4g to themselves.

alanwarwic · 07-10-2015, 20:54

"Lycamobile has donated more than £1.3 million to the Conservative party since David Cameron came to power, including over £500,000 in this year alone, despite avoiding paying any corporation tax for years by moving revenue out of the UK through a complex offshore corporate network."

However the way it is reported is a bit dodgy too, the report simply confirming a cash business model, common at the type of outlets used.

d123 · 07-10-2015, 23:34

Quote:

Originally Posted by Gigabit

Do Lyca have a lot of money then? They always seemed to be a tiny company to me.

Lyca Mobile is apparently going to turn over €1.5 billion in 2015.

http://www.mobilenewscwp.co.uk/2015/...and-customers/

IslandNiles · 07-10-2015, 23:45

Quote:

Originally Posted by alanwarwic

"Lycamobile has donated more than £1.3 million to the Conservative party since David Cameron came to power, including over £500,000 in this year alone, despite avoiding paying any corporation tax for years by moving revenue out of the UK through a complex offshore corporate network."

However the way it is reported is a bit dodgy too, the report simply confirming a cash business model, common at the type of outlets used.

It's certainly not the way businesses that generate a lot of cash usually run - taking huge sums of money to various Post Office branches in rucksacks in unmarked vehicles without any security. Particularly when secure cash transit vans routinely call at their premises and collect cash.

07-10-2015, 17:10	#1
petef Forum Member Join Date: Jun 2007 Posts: 120	Lyca's cash-stuffed rucksacks A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week. http://www.buzzfeed.com/heidiblake/t...ash-stuffed-ru -- Pete Forman http://petef.22web.org/payg.html

07-10-2015, 17:47	#2
d123 Forum Member Join Date: Jul 2007 Posts: 3,993	Quote: Originally Posted by petef A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week. http://www.buzzfeed.com/heidiblake/t...ash-stuffed-ru -- Pete Forman http://petef.22web.org/payg.html Your description makes it sound like they were just depositing money on street corners to give away to the public . I see its apparently an allegation of money laundering or tax evasion. Quote: One of the Conservative party’s biggest corporate donors, Lycamobile, is facing serious questions over its finances after three bagmen were secretly filmed dropping off rucksacks stuffed with hundreds of thousands of pounds twice a day at Post Offices across London. A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week. Legal and financial experts said the “deeply suspicious” cash deposits should be urgently investigated.

07-10-2015, 18:58	#3
binary Forum Member Join Date: Jan 2002 Posts: 636	Quote: Originally Posted by petef A five-month investigation by BuzzFeed News has revealed that the Lyca telecoms group deploys three men to drive around in an unmarked people carrier depositing bags of money, which have totalled up to £1 million each week. http://www.buzzfeed.com/heidiblake/t...ash-stuffed-ru Always thought Lyca was a big shifty, but this is just deeply dodgy. I wonder if some of Lyca's competitors operate in a similar fashion... That said, let us not forget how some of the big player's do things, for example Vodafone's deep reluctance when it comes to paying tax. The telco industry has a dark side, no doubt.

07-10-2015, 19:19	#4
Gigabit Forum Member Join Date: Aug 2014 Location: United Kingdom Posts: 2,887	Do Lyca have a lot of money then? They always seemed to be a tiny company to me.

07-10-2015, 20:09	#5
lightspeed2398 Forum Member Join Date: Feb 2015 Posts: 1,325	Quote: Originally Posted by Gigabit Do Lyca have a lot of money then? They always seemed to be a tiny company to me. I bet they're used very frequently by some people due to their cheap international pricing and aggressive targeted marketing. They're not really some tinpot little thingy. Indeed they have a stall on the first floor of the Manchester Arndale and it's always staffed by two people (I presume it's a reseller but it looks quite professional actually). I was in Germany recently and I noticed how much advertising the MVNOs there do which was very interesting. They're big players because of how high the contract prices are. The 4g access is trickling down to them slowly on o2-de but telekom.de and vodafone DE keep their 4g to themselves.

07-10-2015, 20:54	#6
alanwarwic Forum Member Join Date: Oct 2003 Location: the wild world web Posts: 28,132	"Lycamobile has donated more than £1.3 million to the Conservative party since David Cameron came to power, including over £500,000 in this year alone, despite avoiding paying any corporation tax for years by moving revenue out of the UK through a complex offshore corporate network." However the way it is reported is a bit dodgy too, the report simply confirming a cash business model, common at the type of outlets used.

07-10-2015, 23:34	#7
d123 Forum Member Join Date: Jul 2007 Posts: 3,993	Quote: Originally Posted by Gigabit Do Lyca have a lot of money then? They always seemed to be a tiny company to me. Lyca Mobile is apparently going to turn over €1.5 billion in 2015. http://www.mobilenewscwp.co.uk/2015/...and-customers/

07-10-2015, 23:45	#8
IslandNiles Forum Member Join Date: Apr 2005 Posts: 13,091	Quote: Originally Posted by alanwarwic "Lycamobile has donated more than £1.3 million to the Conservative party since David Cameron came to power, including over £500,000 in this year alone, despite avoiding paying any corporation tax for years by moving revenue out of the UK through a complex offshore corporate network." However the way it is reported is a bit dodgy too, the report simply confirming a cash business model, common at the type of outlets used. It's certainly not the way businesses that generate a lot of cash usually run - taking huge sums of money to various Post Office branches in rucksacks in unmarked vehicles without any security. Particularly when secure cash transit vans routinely call at their premises and collect cash.

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Lyca's cash-stuffed rucksacks