CCTV released by Westminster Council shows the moment an innocent shopper is targeted by a fraudster on Oxford Street.
A gang member can be seen bending down to pick up a ring - but in this case the target gets away without falling for it, after a warning from a council binman.
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The footage was apparently shot in south London showing a motorist eating a bowl of cereal, and texting whilst sitting in traffic.
The Prime Minister is trying to curb the money laundering that goes on at the highest ends of the London property market.
The average increase across the capital is 9.2% this year - with areas in the east and south of the city up by 15-16%.