An Indian-origin investment fraudster found guilty of scamming people across the UK has been ordered to pay British pound sterling 391,680 (more than ₹4 crore) or face four years extra in prison.
Charanjit Sandhu, 31, pleaded guilty to running a number of scams in different parts of the UK, conning people out of GBP 1,704,564, the UK’s Crown Prosecution Service (CPS) said.
Through its comprehensive proceeds of crime work, in conjunction with Thames Valley Police and City of London Police, the CPS secured a confiscation order from court for the defendant to pay back all of his available assets.
“Sandhu was pernicious, cruel and callous criminal who was the ringleader in an operation in which often vulnerable and elderly victims were targeted mercilessly, through relentless cold calling and high-pressure sales tactics. There was evidence that some vulnerable victims were targeted more than once,” said Claire Bennett, a specialist prosecutor for the CPS proceeds of crime division.
“Where we can take money from people who have profited from crime, we will not hesitate to do so. In 2019-20 the CPS recovered over GBP 100 million, stopping hundreds of criminals benefitting from their ill-gotten gains,” she said.
{{/usCountry}}“Where we can take money from people who have profited from crime, we will not hesitate to do so. In 2019-20 the CPS recovered over GBP 100 million, stopping hundreds of criminals benefitting from their ill-gotten gains,” she said.
{{/usCountry}}On December 20, 2017, Sandhu pleaded guilty to two counts of conspiracy to defraud in respect of the sale of carbon credits through Harman Royce Ltd and Kendrick Zale Ltd in a City of London Police investigation. He was sentenced to three years’ imprisonment for each of those offences, to be served concurrently.
Sandhu’s available asset figures were determined by a court to be GBP 391,680. Notable known available assets include a rose gold Patek Phillipe watch valued at GBP 72,000, Audemars Piguet watch valued at GBP 22,000, and a Rolex watch valued at GBP 4,000.
The defendant attempted to stash some of his assets away, but the CPS said its investigation teams uncovered hidden assets of GBP 200,000 which he now has to pay back as part of the available assets figures.
Much of the money obtained through the frauds in question was spent on his lavish lifestyle. There is evidence of spending on luxury holiday villa rental, watches and jewellery, designer clothing and over GBP 9,000 (over ₹9 lakh) of dental work.
In relation to a further separate Financial Conduct Authority (FCA) case, Sandhu was convicted of a number of counts of conspiracy to defraud and three counts of communicating an invitation to engage in an investment activity, which involved a fraudulent share sale scheme, on December 11, 2017. In all, he was found guilty of conspiracy to defraud, fraud, and money laundering.