Leave tycoon Arron Banks insists there is ‘no Russian money’ in Brexit campaign donations

British millionaire and political donor Arron Banks has insisted there was "no Russian money" in the donations received by his controversial campaigns to leave the EU.

Banks, a prominent Brexiter, was referred to the National Crime Agency (NCA) on Thursday by the Electoral Commission which said it had found evidence​ of "multiple suspected offences" committed during the 2016 referendum.

The elections watchdog said it had "reasonable grounds" to suspect that Banks was not the true source of £8m in loans received by Better for the Country, the parent organisation that ran Banks' controversial Leave.EU campaign. 

It said that loans to the parent company and received on behalf of Leave.EU may have involved a non-UK listed company, Rock Holdings, which is incorporated in the Isle of Man.

​When pressed on the source of the funding, Banks told the BBC that the cash in question was generated by Rock Services, a UK-listed company, that created the funds through insurance business in the UK. 

Banks said: “There was no Russian money and no interference of any type. I want to be absolutely clear about that.”

Pressed on how Rock Services could generate the £8m when it is listed as a non-trading company, Banks said the cash came from the insurance business of Rock Services and that all Leave funds were generated by UK-listed companies.

The idea that Russia could be connected to Leave.EU's funding was not mentioned by the Electoral Commission or the NCA, but reports in the Observer have suggested Banks met Russian officials "multiple times" before the Brexit vote.

The tycoon is also facing allegations he may have misled parliament over links between Leave.EU and his aforementioned insurance business, Eldon Insurance, during the referendum.

Emails leaked to the Observer by former employees of Eldon Insurance suggest insurance staff worked on the political campaign, an arrangement that would need to be declared under electoral law.

Banks said: “I can say that was reported to the Electoral Commission and people who did work for Eldon were transferred over on short-term contracts legally and it was reported through the Electoral Commission in the right way."

Banks raised eyebrows further when he suggested that if given the time again, he would vote to remain in the EU.

“The corruption I’ve seen in British politics – the sewer that exists and the disgraceful behaviour of the Government over what they are doing with Brexit and how they are selling it out – means that if I had my time again I think it would have been better to have probably remained and not unleash these demons,” he said.