London’s Southwark Crown Court has ordered three individuals to pay back the money raised through an illegal investment scheme.
Between 2009 and 2014, Samrat Bhandari, Muhammad Mirza and Paul Moore systematically misled investors, many of whom were retired and vulnerable, about the value and prospects of medical practice firm Symbiosis Healthcare, the Financial Conduct Authority (FCA) said.
They managed to raise £1.4m ($1.7m, €1.6m) during the time period.
In a bid to recoup some investor money, the London court issued confiscation orders against the three men.
Payback time
Bhandari has to give back £376,604, which will go towards the victims in its entirety. He has until 7 October 2019 to pay £279,970, and the remaining £87,634 by 21 December 2019.
Mirza has been ordered to repay £1,190,128 by 26 December 2019. Of the sum, £754,766.05 will be given to the original investors. The FCA press release did not reveal what will happen to the remainder of this money.
The third confiscation order, however, does not relate to victims of the Symbiosis fraud but to those scammed previously by Moore.
He has been ordered to reimburse £29,736.45 by 16 December 2019.
Fourth man
An additional individual has been sentenced, Michael Moore, but a confiscation order is yet to be made against him.
The FCA is now urging all those that might have been affected by the fraudsters to get in touch by 1 November 2019 as they might be eligible for compensation.
The confiscation orders are in addition to custodial sentences.
At an earlier hearing, Bhandari was given a three-year and six-month jail term, while Mirza was handed a seven-year sentence and Moore received one-year behind bars.
