Banks hires investigators to probe Conservative chair over Farage funding scrutiny

Arron Banks, a prominent backer of Reform UK and former leave campaign donor, has commissioned a private intelligence firm to investigate Conservative party chair Kevin Hollinrake. The businessman confirmed the action on social media, stating he acted independently of the party, in response to Hollinrake’s public scrutiny of Nigel Farage’s financial disclosures.

The investigation centres on Hollinrake’s questioning of a £5 million undeclared gift Farage received from Thai crypto billionaire Christopher Harborne prior to the last election. Hollinrake, who leads the Conservative response to these financial revelations, accused Banks on social media of targeting him after Reform UK faced calls for greater financial transparency.

In a reply on X, Banks stated, “I row my own boat,” suggesting Reform UK was unaware of the surveillance. He further remarked on the nature of the conflict, noting that he encounters individuals who “like to give it but can’t receive it,” a clear reference to Hollinrake’s earlier comment that those unable to answer questions should not investigate those asking them.

This development follows earlier reports that Banks had engaged Precision Risk and Intelligence, a firm he previously owned, to investigate Gabriel Pogrund, the investigations editor at the Sunday Times. The revelation has raised concerns among media organisations that journalists examining Reform and Farage’s funding may be subject to coordinated surveillance.

The News Media Association has strongly condemned the use of private investigators to deter journalistic inquiry, describing it as an “attack on our democracy.” Chief executive Theo Bamber warned that such intimidation tactics risk becoming normalised, urging ministers to take action to protect independent journalism.

Compounding the financial scrutiny, the Sunday Times recently published an investigation linking Reform funders to Tether.bet, a website accused of illegally offering gambling services in the UK. The report identified convicted fraudster George Cottrell as a customer and claimed Harborne’s company, IFX, processed payments for the site.

Cottrell’s lawyers have denied any involvement in unlawful gambling activity, stating he was merely a customer and had never invested in or operated a betting company. Representatives for Harborne and IFX have similarly denied any operational role, asserting that the company complies with all applicable regulations.

A Labour spokesperson seized on the revelations to call for Farage to address unanswered questions regarding his funding. The spokesperson stated that the mountain of questions around his finances and judgment was growing, urging the Reform leader to “come clean with the public” rather than deflecting attention.