Police have smashed a "criminal banking" network operating from a Park Lane safe deposit box firm.

Detectives found millions of pounds in cash and property hidden by criminals in deposit boxes at a series of top London addresses.

Two alleged masterminds were arrested by armed police today on suspicion of money-laundering.

Scotland Yard officers believe the most dangerous organised criminals used the firm to hide the proceeds of crime along with drugs, guns and child pornography. Up to 4,000 safe deposit boxes - some held by innocent people - were being smashed open in raids this afternoon.

The firm's offices in Park Lane, Hampstead and Edgware were raided by more than 400 officers.

The locations targeted today include Park Lane Safe Deposit. Its owners are suspected of allowing criminals to use the facility to store millions of pounds of proceeds from crimes, perhaps for as long as 20 years.

Scotland Yard said other searches were also taking place at three addresses connected to the company.

Officers have been working on the case - codenamed Operation Rize - for more than two years.

Assistant Commissioner John Yates said: "This is a huge operation to tackle criminal networks who we believe are using safe deposit facilities to hide assets."

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