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Illegal lender Gopee ordered to cough up £5m in ill-gotten gains

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  • 17/12/2019
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Illegal lender Gopee ordered to cough up £5m in ill-gotten gains
The Financial Conduct Authority (FCA) has won a confiscation order worth £5.1m against illegal money lender Dharam Prakash Gopee, who secured loans against his victim’s properties.

 

Gopee styled himself “a lender of last resort” loaning money to vulnerable people at high rates. He sought to take possession of their properties if they did not repay.

The order from Southwark Crown Court would confiscate all proceeds of the illegal lending. Gopee was also ordered to pay £230,000 in compensation to his victims.

The FCA earlier prosecuted Gopee resulting in him receiving a three-and-a-half years prison sentence and the first ever Serious Crime Prevention Order (SCPO), in February 2018. It began proceedings to recover the proceeds of his crimes in October 2019.

Gopee will become liable to spend another 11 years in prison if he fails to pay the confiscation and compensation orders on time. He is also subject to a travel ban preventing him from leaving the UK until he pays up.

 

Substantial harm to vulnerable people

“Gopee’s offences have caused substantial harm to vulnerable people,” said Mark Steward, executive director of enforcement and market oversight at FCA.

“He has continued to offend in defying court orders in one of the worst cases of contempt of court seen by the FCA.

“Together with his jailing, this order seeks to deprive him of all his ill-gotten gains and to compensate victims. He runs the risk of a very significant additional jail term if he fails to comply with these orders,” Steward said.

Gopee continues to be subject to the SCPO, which prevents him from lending money for five years.

 

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