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Rich List Entrepreneur Jailed Over Missing £120m

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What is it with the property markets and banks? !

http://business.timesonline.co.uk/tol/busi...icle2016296.ece

July 2, 2007

Rich list entrepreneur jailed over missing £120m

Award-winning Shaid Luqman sentenced to 18 months for hiding documents and computers from fraud investigators

Michael Herman

Shaid Luqman, a British entrepreneur whose wealth has been estimated at around £250 million, was jailed today for 18 months in connection with a multi-million-pound property fraud.

Luqman - a former Young Entrepreneur of the Year who was ranked Britain’s 238th richest person in last year’s Sunday Times Rich List - was found in contempt of court for failure to comply with court orders over his failed business.

Lexi Holdings went into liquidation last October with debts of more than £100 million.

...

The ongoing investigation involves a £120 million loan given to Luqman’s company by Barclays in July 2005. Administrators have alleged that the bulk of this money was subsequently transferred to accounts belonging to members of Luqman’s family in the UK and Pakistan.

.....

In 1993 Luqman was convicted on four counts of attempting to obtain property by deception and one count of obtaining property by deception

Edited by OnlyMe

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18 months in the slammer for not telling them where he has hidden £120 million.

Yet a thief can knock a poor old lady in to the middle of next week and steals her pension of £100 and he gets a £80 fixed penalty notice.

Jack Straw had better pull his finger out, now he is Minister for Justice.

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18 months in the slammer for not telling them where he has hidden £120 million.

Yet a thief can knock a poor old lady in to the middle of next week and steals her pension of £100 and he gets a £80 fixed penalty notice.

Jack Straw had better pull his finger out, now he is Minister for Justice.

£6.5m/month, not a bad salary.

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Guest Bart of Darkness
£6.5m/month, not a bad salary.

I'd do 18 months for that kind of dosh. :)

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Guest vicmac64
What is it with the property markets and banks? !

http://business.timesonline.co.uk/tol/busi...icle2016296.ece

July 2, 2007

Rich list entrepreneur jailed over missing £120m

Award-winning Shaid Luqman sentenced to 18 months for hiding documents and computers from fraud investigators

Michael Herman

Shaid Luqman, a British entrepreneur whose wealth has been estimated at around £250 million, was jailed today for 18 months in connection with a multi-million-pound property fraud.

Luqman - a former Young Entrepreneur of the Year who was ranked Britain’s 238th richest person in last year’s Sunday Times Rich List - was found in contempt of court for failure to comply with court orders over his failed business.

Lexi Holdings went into liquidation last October with debts of more than £100 million.

...

The ongoing investigation involves a £120 million loan given to Luqman’s company by Barclays in July 2005. Administrators have alleged that the bulk of this money was subsequently transferred to accounts belonging to members of Luqman’s family in the UK and Pakistan.

.....

In 1993 Luqman was convicted on four counts of attempting to obtain property by deception and one count of obtaining property by deception

Just another case for 'stopping' immigration to the UK. We have this and immigrant Doctors now being investigated with regards to terrorism in the UK.

What a bunch of plonkers we are in the UK to allow such folly

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18 months in the slammer for not telling them where he has hidden £120 million.

Yet a thief can knock a poor old lady in to the middle of next week and steals her pension of £100 and he gets a £80 fixed penalty notice.

Jack Straw had better pull his finger out, now he is Minister for Justice.

youve got that ar.se for tit

he steals 120 million and can therefore spend the rest of his life in luxury after 12 months inside (well worth id say) yet someone can easily get 5 years for nicking a mobile phone worth 200 quid or a car worth a couple of grand.

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Guest vicmac64
youve got that ar.se for tit

he steals 120 million and can therefore spend the rest of his life in luxury after 12 months inside (well worth id say) yet someone can easily get 5 years for nicking a mobile phone worth 200 quid or a car worth a couple of grand.

He should be held in jail - until all monies are returned by his fellow countrymen.

Then the British businessmen involved with him should be thoroughly investigated to ensure there have been no underhand goings on!

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He should be held in jail - until all monies are returned by his fellow countrymen.

Then the British businessmen involved with him should be thoroughly investigated to ensure there have been no underhand goings on!

Exactly. IMO we have an ironic situation in this country at the minute that the prisons are so full precisely because we are so soft on criminals. Who wouldn't do 18 months time for £120M. I know I would. Hell, I'd most likely confess to something I hadn't done for that kind of money.

The sentencing should have gone something like this:

We know you have the money, so you can look forward to a life behind bars until you return every last penny with interest. In the meantime we'll freeze the assets of your immediate family and anyone else suspected of being involved. Thank you and good day.

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Nearly 50% of (prime) London purchases are foreign money.

How many more scams are being carried out? Simple thing to do, get an overvaluation, take out a mortgage for this price and get passed a backhander of 10-20% say from the seller. The seller is happy, the buyer walks off with the cash and a punt on rising prices, the bank lends some money and gets commission and some poor sucked gets their pension stuffed with another little bit of trash. Some trick with off-plan newbuild.

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Today a High Court judge said Luqman, 38, did not respond adequately to court orders secured by administrators over his assets and company records.

Civil case, not criminal so short sentence.

I expect criminal case will follow.

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Guest sillybear2
Just another case for 'stopping' immigration to the UK. We have this and immigrant Doctors now being investigated with regards to terrorism in the UK.

What a bunch of plonkers we are in the UK to allow such folly

Totally, so you're trying to infer that the stupid bankers at Barclays that lent him £100m were Polish or something? ;)

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The ongoing investigation involves a £120 million loan given to Luqman’s company by Barclays in July 2005. Administrators have alleged that the bulk of this money was subsequently transferred to accounts belonging to members of Luqman’s family in the UK and Pakistan.

.....

In 1993 Luqman was convicted on four counts of attempting to obtain property by deception and one count of obtaining property by deception

For me, the most critical content was contained in the two separated statements as above.

When property fantasy takes off, as before in the early 70s and the mid-to-late 80s, banks start behaving like octopods and simply throw vast amounts of cash at any fool or conman with what seems a good property deal!

Perhaps now, with three recent (30 years span), separate Boom-Busts in the record books, banks like Barclays will remember next time around.

I won't be holding my breath, mind!

:rolleyes:

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I have been reading through some of the mortgage fraud stories and the name of Ian 'Flash' McGarry keeps popping up. He worked for Dunlop Haywards.

http://www.thisismoney.co.uk/investing-and...mp;in_page_id=3

The writ issued by Cheshire makes fascinating reading as it describes the workings of the alleged fraud.

In 2005, Cheshire lent a company called Goldgrade Properties a total of £11.5 million to buy a property in the Aston district of Birmingham.

The loan was made on the back of a valuation prepared by McGarry, who said the market value of the property, with tenants on board, was £16m.

Goldgrade, whose registered address is a terraced house in Birmingham's Alum Rock, made three loan interest payments before defaulting. It now has 'no substantial assets.' The property is in the process of being sold by Cheshire for £2m. :o

Edited by EDW

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http://www.propertyweek.com/story.asp?storyCode=3070382

The building had been acquired in April 2005 by Goldgrade Properties, which was set up by director Aziz and company secretary Dar, both based in Birmingham. Aziz has still not been located by the authorities, and sources close to the investigation say that he is suspected to have travelled abroad before the probe began. It is not clear whether Dar has been located by investigators.

See ya later, SUCKERS! ;)

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Perhaps if small mutual building societies like the Cheshire stuck to lending to people needing homes to live in in Macclesfield and Cheshire rather than commercial properties in Birmingham, they wouldn't get caught out by these fraudsters. If I was a Cheshire B/Soc depositor I'd want to know why the CEO didn't personally go round to check up on this guy before signing over £11.5 million.

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During the last property fiasco, dodgy "Accountants" and dodgy"Solicitors" worked some clever scams, to screw money out of idiot lenders.

Often the perps were non-British ethnicity: and the funds were quickly rooted back to home, with little chance of catching the villains.

In conjunction with a friend posing as the buyer, mortgages were being raised on houses still owned and lived in by completely unaware third parties, for example!

After this, lenders started insisting on only passing over released funds to firms who boasted more than one member: i.e. sole practitioners when acting for a client in conveyance, had to seek the assistance of multi-partner firms.

Over-valueing was an easy scam too.

These clowns in banks and BSs never do seem to learn do they!

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Guest sillybear2
These clowns in banks and BSs never do seem to learn do they!

That's because they're replaced by a new set of clowns every 7 years.

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A bit larger scale than the gentleman of Asian origin who scammed roughly £5 million off RBS. Allegedly sent the money to Pakistan, and was allegedly never seen again. Best bit was he worked for the RBS in an anti fraud department if memory serves me correct :lol::lol::lol::lol:

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