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Police are investigating donations worth £500,000 made to Reform UK by the mother of a convicted fraudster and ally of Nigel Farage.

The investigation concerns two donations of £250,000 made by Fiona Cottrell, whose son George has often accompanied Farage to Reform events and media appearances. The May 2024 donations are under investigation over whether they were intended to conceal a donation by an impermissible donor.

Two people have been interviewed under caution in relation to the May 2024 donations, the Metropolitan police said in a statement on Thursday night, adding that the investigation was launched in February 2025 after a referral by the Electoral Commission. No arrests have been made.

The donations appear to be separate to a deposit of around £1m that Fiona Cottrell made in June 2024 to a company run by Richard Tice, Reform’s deputy leader. This week, the Guardian revealed that the transfer to Tice’s company, Britain Means Business, was reported to the National Crime Agency by bankers.

According to financial industry sources, bankers and the NCA have been unable to trace the origin of £1m given to Britain Means Business, £500,000 of which was moved into Reform’s coffers weeks in advance of the general election.

Scotland Yard has been examining the separate May 2024 donations and potential related offences for more than a year.

The police investigation into the May 2024 donations, first reported by the Times, started in February 2025, after a referral from the Electoral Commission. The Met said it was linked to section 61 of the Political Parties, Elections and Referendums Act, 2000, which says that it is an offence to conceal or disguise the person or entity who is making a political donation.

The news is a further blow to Reform and Nigel Farage, which have faced serious questions over finance since the Guardian revealed an undisclosed gift of £5m to Farage from cryptocurrency entrepreneur Christopher Harborne. It comes as Farage prepares to fight a byelection boycotted by the other parties after he stood down in his Clacton constituency this week.

And it will add to questions facing Fiona Cottrell, who has not responded to detailed questions from the Guardian about her financial involvement with Reform. She refused to comment about the donation currently under police investigation, the Times reported. She is understood to be of relatively modest means, and yet has donated a total of £1.75m to Reform UK and its fundraising vehicle Britain Means Business.

Lawyers acting for George Cottrell refused to answer detailed questions from the Guardian about his financial ties to his mother.

The police investigation may also mount further pressure on Reform’s leadership to account for the nature of the financial and professional relationship between her son and Nigel Farage, including claims that he described himself as “chief of staff” to the party leader and bankrolled party expenses from dinners to VIP transport. Reform say George Cottrell has never had an official role in the party.

The Guardian has previously asked whether George Cottrell is an impermissible donor, as he is resident in Montenegro. His lawyers have said he is a permissible donor, but refused to explain how this was the case.

Fiona Cottrell’s son was jailed for wire fraud in 2017 and spent eight months in a US jail. He had offered money-laundering services on the dark web and subsequently wrote a book called How to Launder Money, presented as a guide for policymakers and law enforcement.

The Guardian also revealed that the close associate of Farage whom the party leader has allegedly said “is like a son to me” allegedly acted as a frontman for a multimillion pound Premier League gambling syndicate run by football magnate Tony Bloom, according to court documents.

Cottrell is understood to be heavily involved in cryptocurrencies as part of his extensive gambling activity. This includes Tether.bet, an offshore gambling website.

He has denied via lawyers that he was a director of the Tether.bet.

The Metropolitan police said: “An investigation was launched in February 2025 after a referral was made to the Metropolitan Police by the Electoral Commission relating to donations made to a political party ahead of the 2024 UK General Election.

“Detectives from the Met’s Special Enquiry Team are investigating alleged offences under Section 61 of the Political Parties, Elections and Referendums Act 2000. Early investigative advice has been sought from the Crown Prosecution Service and two people have so far been interviewed under caution. No arrests have been made.

“An offence under this section is not one that the Electoral Commission can investigate and, as such, it is a matter for the police.”

The Electoral Commission said: “The Metropolitan Police Service have issued a statement about an ongoing police investigation. We have no further comment.”