All of the lenders, which include Euro Business Finance, Reddy Corporation and Moneylink Finance, were controlled by Dharam Prakash Gopee and only one had ever had a consumer credit license – although this was revoked in 2013.
According to The Insolvency Service the companies lent to members of the public at high interest rates, secured against the borrowers’ homes and brought numerous court cases to take possession of properties belonging to borrowers who fell behind with payments.
Customers were provided with “confusing” paper work and asked to sign a declaration waiving their rights under the Consumer Credit Act.
David Hill, a chief investigator with the Insolvency Service, welcomed the judgement.
He said: “I am very pleased to see that the Court has called a halt to the unscrupulous activities of these companies. They have pursued hundreds of borrowers for loans that should never have been made. The companies have shown no regard for the law.”
The full list of Gopee’s companies is as follows:
- Euro Business Finance plc
- Reddy Corporation Limited
- Ghana Commercial Finance Limited
- Barons Bridging Finance 1 Limited
- Barons Finance 1 Limited
- Moneylink Finance Limited
- Agni Investments Limited
- Ghana Commercial Investment Ltd
- Pangold Estate Limited
- Pangold Investments Limited
- Speedy Bridging Finance Limited
- Marketing Web Limited
- Agni Estates Ltd
- Euro Asset Management Limited