A court has heard how a North London businessman allegedly conned clients into giving him £1.2 million for “bogus property investments”.
Dipak Patel, 50, from Wembley, North London appeared before Harrow Crown Court where he denied five counts of fraud.
The advisor, declared bankrupt in 2008, has been accused of pressurizing five clients into letting him invest their money in the housing market, telling them that the opportunity would disappear if they hesitated too much.
None of the five victims ever saw their money again, and when they asked where the “huge returns” they had been promised were Patel avoided their calls, or asked for more money, telling them that he had re-invested the profit.
Two of the victims, Mr Alan Wilson and his wife, are thought to have lost over £1 million that they claim to have given Patel.
Two business partners apparently gave £155,000 between them, according to local news site, Harrow Times.
Andrew Evans, prosecuting, said: “Mr Patel received substantial sums of money from clients who paid or loaned him these monies, in order for him to invest them on their behalf on various property developments, both in the UK and abroad.
“However, none of these monies were in fact invested as the defendant claimed they would be.”
The trial continues.
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