SOCIALITE James Stunt has told a court he was so “ostentatious” it would be “like walking around with a sign saying ‘arrest me'” if he was involved in money laundering.

The former husband of heiress Petra Ecclestone is one of eight defendants on trial over an alleged criminal network which jurors have heard saw £266 million deposited in the bank account of Bradford gold dealer Fowler Oldfield from 2014 to 2016.

Prosecutors say “criminal cash” was brought from all over the country to Fowler Oldfield’s premises in Hall Lane, on the edge of Bradford city centre, before the scheme “went national” and Stunt’s offices in London also started receiving money.

It is claimed the defendants hid the origin of the money by moving it through a company bank account and using the proceeds to buy gold.

On Wednesday, Stunt told Leeds Cloth Hall Court his business Stunt & Co was a “legitimate gold bullion dealer” and that the plan was to source raw gold and turn it into high-quality gold bars.

Jurors heard he started a “joint venture” with Fowler Oldfield in August 2015 that would have a 70/30 split in favour of Stunt & Co, because “we have the money”, Stunt said.

He told the court: “I was bringing the finance, they were bringing the customers.”

Stunt confirmed he let Fowler Oldfield director Greg Frankel live rent-free in his London apartment “because that’s the kind of person I am”, and helped him lease a Lamborghini by using his name to “get the finance”.

He denied there was anything illegal about the partnership, saying: “To be as ostentatious, as I was, that’s like walking around with a sign saying ‘arrest me’.”

Stunt told the court: “Of course there are people who are wealthy who commit crimes, but there’s not much profit in this.

“I am not someone who would ever enter into money laundering – that is a mess you do not need to get involved in.

“I have given away more in philanthropy than I made in this so-called money laundering scheme.”

Jurors heard Stunt had between six and 10 “strong rooms” to hold large quantities of cash, which the 40-year-old said were “predominantly gambling winnings which are tax-free from a casino”.

Stunt told the court he would gamble with his then-father-in-law, F1 tycoon Bernie Ecclestone, and “he would just pay me cash rather than a bookie”.

The defendant said he habitually attended casinos and described himself as a “large loser”, adding that he “had a five-million credit line in every casino in London and Las Vegas”.

Jurors have previously heard from Mr Fisher that in the latter part of the 12-month venture between Stunt & Co and Fowler Oldfield, “mistrust developed over issues such as gold that went missing”.

Stunt told the court he had “hit the roof about stolen/missing gold” and “wanted a daily update about when the missing gold started happening”.

He was asked about an email from his co-defendant, Stunt & Co vice-president Alexander Tulloch, 41, in April 2016 which said: “I am under increased pressure to report to James all activities while he is away. As such can everyone please ensure that I get updated at least daily on £ in London and Bradford, Gold sold: Lock in (Scotia – I know about obv.), Cooksons, Dubai, Refining: any material coming out of the refinery.”

Asked whether he was “placing people under increased pressure”, Stunt said: “In Mr Tulloch’s defence he would often use my name as a big bad wolf figure.

“I probably did put him under some pressure to find out why I’m not receiving so much profit anymore.”

Heidi Buckler, 45, Greg Frankel, 44, Paul Miller, 45, Haroon Rashid, 51, Daniel Rawson, 45, Francesca Sota, 34, Stunt and Tulloch all deny money laundering. Stunt and Sota also deny forgery.

The trial continues.