Lycamobile Accused of Dumping Rucksacks Full of Cash at Post Offices

By Gary Cutlack on at

A report into the workings of SIM-only mobile phone network Lycamobile makes the business' practises sound quite odd, with Buzzfeed claiming it employs "bagmen" whose sole job is to deposit rucksacks full of cash into Post Office accounts.

According to Buzzfeed, Lycamobile has a chequered financial history that's seen its own auditor suggest it has banked a mysterious £46 million of undeclared revenue, meaning it's unsure if the mobile company has been keeping anything in the way of proper financial records.

Not only that, but Lycamobile is one of the top corporate donors to the Tory party, the left-wing bits of the internet will be excited to learn, having handed over £500,000 to the Conservatives in this past year. Lycamobile says it's a "cash rich business" thanks to its earnings from SIM and calling card sales across the UK, with the rucksacks of cash representing nothing more than its "day to day banking" activities.

Those excuses haven't stopped Buzzfeed from following up its report with the inevitable list feature, in which it claims Lycamobile's founder Subaskaran Allirajah is a lifelong Tory enthusiast and also has links to Boris Johnson's London mayoral campaigning.

Not that there's anything wrong with being political, it's merely slightly unsettling to some that a company with apparently complicated offshore tax ev...oidance practises is so warmly embraced by the political elite. And if it was rucksacks of cash for Jeremy Corbyn, would the internet be so bothered? [Buzzfeed]