The Metropolitan Police and the National Crime Agency (NCA) have opened inquiries into financial transactions linked to Reform UK, including untraceable funds and political donations.
Investigators are examining a £2.5 million donation from Fiona Cottrell, mother of convicted fraudster George Cottrell, as well as transactions involving party leader Nigel Farage and Deputy Leader Richard Tice.
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Financial records show George Cottrell transferred over $2 million to his mother in 2024, shortly before her donation.
He also provided a £78,100 bridging loan to Tice's private firm, Tisun Investments.
Banks raised compliance concerns and reported several party-related transactions to the NCA.
Other financial questions
Questions have also emerged about a £5 million gift to Farage in April 2024 from billionaire donor Christopher Harborne.
Cottrell's past use of a fraudulent Swiss passport to gain employment under former party treasurer Mehrtash A'zami has also drawn scrutiny.
Reform UK restructured its corporate model on February 19, 2025, transferring voting shares to an undisclosed parent entity.
Farage dismissed scrutiny of his personal finances and political gifts. "Literally none of your business," he said.
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He also called the reporting an establishment plot and made unevidenced claims of foreign interference.
Cottrell's lawyers at Carter-Ruck denied allegations regarding offshore gambling interests, dark web money laundering, and past dealings with Russian figures.
"Wild exaggeration," they said.
They maintained he was never an official shareholder or director of unlicensed offshore gambling operations.
They also rejected statements from former associates about his teenage ties to Russian oligarch Roman Abramovich.
One unnamed former acquaintance recalled Cottrell explaining his actions on behalf of his father, showing how he signed documents for him.
Claire Gill, a partner at Carter-Ruck, said the allegations were "rumour with no direct evidence."
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Electoral authorities referred the party's donation records to law enforcement over concerns about permissible funding sources. Parliamentary and police investigations remain active.
