Indian-origin man dupes investors of Rs 780 cr in UK

LONDON: A Indian-origin former accountant has been sentenced to over seven years imprisonment in Britain for duping investors of a whopping 100 million pounds (Rs 780 crore approx).

Shinder Singh Gangar, 46, who was described by the judge as having "great ability and personal charm", promised clients a return of up to 160 per cent a year on money invested with him. But there was no such investment scheme and the money was instead put into off-shore bank accounts.

The transactions were conducted through a accountancy company Dobb White & Co, which had offices in Leicester and Nottingham.

Gangar, a resident of Leicestershire, was joined in the scam by the company's partner, Alan White, 49. The pair used the cash to buy properties, provide loans to friends and invest in other speculative schemes.

The investigation into the scam was conducted over several years by the Serious Frauds Office along with the Economic Crime Unit of the Leicestershire Police.

Both were jailed for seven-and-a-half years at Sheffield Crown Court on Friday after they were convicted of conspiracy to defraud and attempting to bribe a US official.

The scam was kept going by using money from new investors to make interest payments to existing clients. It was falsely claimed that the invested funds were insured.

Justice Langstaff said: "This fraud was deeply corrosive. The defendants obtained money from victims, that many could ill afford to part with."

The judge said Gangar was a "plausible, effective salesman and advocate", and that "it was a disappointment how he had chosen to use his talents."

To entice people, the duo falsely claimed that Lord Andrew Lloyd-Webber and television personality David Frost had signed up for the scheme.