A Highbury man has been charged in connection with a £1million bank scam.

The 31-year-old faces charges of fraud and conspiring to launder money.

On Tuesday morning police raided a Highbury address where they seized Louis Vuitton handbags and designer watches.

Police were alerted to the fraud after bank customers downloaded viruses onto their computers – and a total of £1million was siphoned from their accounts to various others to be laundered and withdrawn as cash.

Their investigation culminated in the dawn raids, which also uncovered £80,000 in cash and a suspected live hand grenade at an address in Enfield.

Frozen

Officers have made requests to several banks for accounts linked to the investigation to be frozen.

Det Ch Ins Jason Tunn from the Met Police Cyber Crime Unit, said: “The victims have been hoodwinked by malware-carrying emails purporting to be from their banks, and subsequently had money taken.

“The Met’s Cyber Crime Unit is determined to protect people and businesses in London from cyber crime, which can see businesses ruined and people’s hard-earned money taken from them in a second.

Another 31-year-old, of Bowes Road, Enfield, was also charged and both appeared at Westminster Magistrates Court yesterday.

A 27-year-old woman and a 24-year-old woman were arrested on suspicion of conspiracy to defraud, conspiracy to launder money, and possession of an explosive.