Hornchurch mortgage fraudster pays £265,000 after CPS civil recovery action.
A man living in Hornchurch who previously admitted conspiring to commit fraud has paid £265,000 following civil recovery proceedings brought by the Crown Prosecution Service over a property bought using a fraudulently obtained mortgage.
Parmjit Dhami, of Hornchurch, previously pleaded guilty to conspiracy to commit fraud at Birmingham Crown Court and received a nine-month suspended prison sentence.
The CPS has now revealed that a separate civil recovery action concerning a property in Ilford has resulted in a further £265,000 being recovered.
According to the CPS, Dhami secured a mortgage in 2010 using false information about his business and income, supported by false payslips.
The mortgage was used to purchase a property in Ilford, which was subsequently rented to tenants, with Dhami receiving the rental income.
The CPS says that in 2014 Dhami obtained a second fraudulent mortgage to purchase a family home in Hornchurch.
It says he used a West Midlands-based mortgage broker and made a payment to a company called Delaware Securities Limited. According to the CPS, the money was then returned to him, minus commission, while false payslips were produced to make it appear that he was employed by the company.
The mortgage broker was investigated by the West Midlands Regional Organised Crime Unit, and the broker and four people who had used his services were prosecuted for conspiracy to commit fraud.
Dhami pleaded guilty.
Following the criminal proceedings, a confiscation order of £146,150 was made under the Proceeds of Crime Act and was paid in full.
The CPS Proceeds of Crime Division then opened a separate civil recovery investigation into the Ilford property.
The civil claim sought recovery of an 85 per cent share of the equity in the property. The CPS says the remaining 15 per cent represented the proportion acquired using a legitimate deposit.
The claim was subsequently settled by agreement and the High Court ordered Dhami and his wife, who claimed an interest in the property, to pay £265,000 within three months.
The CPS says the full £265,000 was paid within the required period.
Had the payment not been made, the property could potentially have been sold to recover the money.
Tom Oates, Deputy Chief Crown Prosecutor for the CPS Proceeds of Crime Division, said the case demonstrated that a criminal conviction and confiscation order may not necessarily be the end of efforts to recover assets connected to unlawful conduct.
He said prosecutors had pursued separate civil recovery proceedings concerning the property bought with the earlier mortgage, resulting in a further £265,000 being recovered.
The CPS says the combined value of the confiscation order and the subsequent civil recovery payment is £411,150.
The latest £265,000 payment is a civil recovery outcome following the High Court proceedings and is separate from Dhami’s earlier criminal sentence.
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