A convicted Surrey letting agent who used his clients’ money to cover his business debts has been ordered to pay £25,000 to compensate his victims.
Chandra Patel, who was sentenced to 10 months imprisonment in April 2016, took rent and deposit payments, held in trust, to the tune of £28,000, whilst trading as Giraffe Properties Limited.
More than a dozen landlords were owed money when Patel ceased trading with some forced to reimburse tenants’ deposits out of their own pockets.
Following his prosecution, local authority trading standards officers launched a financial investigation to determine whether Patel had any assets that could be confiscated or used as compensation to pay the victims.
An application made under the Proceeds of Crime Act 2002 for Confiscation and Compensation, saw Patel appear before Kingston Crown Court earlier this month where it was determined he had sufficient means to compensate his victims, and was ordered to do so within three months.
“We have begun the process of contacting the landlords affected by Mr Patel’s illegal activities so that they can be duly compensated" says a council spokesman.
Including court costs, Patel has three months to pay a total sum of £37,130.85 or face 30 months imprisonment.
A north of England letting agent who conned home owners out of...
A lettings agent who stole over £350,000 is reported to have...
A landlord who illegally converted a property into seven flats and...
An east London landlord, who was also director of a letting...
The predictions game can be tricky. Sometimes you just don’t know...
Leading UK property auctioneer Bond Wolfe has broken through the £100...
Uncertainty triggered by the new Labour Government and taxation concerns that...
B-hive Block Management Partners Celebrates Major Milestone With Over 100 Businesses...
We’re absolutely delighted to announce that, after 10 years, we’re able...
You don’t have to simply accept things as they are when...
%20-%20IMAGE%20Client%20Accounting%20%E2%80%93%20what%20are%20your%20options.jpg)
The benefits for letting agents to outsource their client accounting is...
Attention estate agents: if you're looking for a bumper Christmas bonus,...
%20(002).png)
In today's fast-paced and ever-evolving property industry, it’s essential that forward-thinking...
.png)
I think we can all agree that the National Trading Standards...
.png)
In September last year, flatfair, a deposit alternative provider, released their...
Introduction The lettings market is no stranger to the complexities and challenges...
%20(002).jpg)
Interim inspections are a necessity if you want to avoid property...
It’s no secret – 2023 is a difficult year for the...
The law is clear – agencies in England, Scotland and Wales...
The Oxfordshire based PropTech founders and software developers of Openview, today...
Who are you and what does it say on...
Who are you and what does it say on...
Who are you and what does it say on...
Join the conversation
Jump to latest comment and add your reply
Taking deposits using the "insured scheme" where agent/landlord becomes custodian of the deposit without any checks is all too tempting for some! All of this could and should be avoided but government, whom issue the licence to the operators of these schemes seem to be "asleep at the wheel" once again!
The Law seems to be working in this case. The laws are there; it is more enforcement that is needed not more red tape that the ethical companies will following but the rogues will not and therefore will not improve the industry or offer any more protection.
More rules is never helpful. More Enforcement like this will make the Rogues think twice.
More enforcement is correct but with the current "insured schemes" agents and landlords can act with impunity until it's too late and the money has gone!
What happens if in this case as many others they don't pay - who picks up the tab? The taxpayer!
Surely a sytem that allows this sort of behaviour is in need of reform (not further red tape but less through a better sytem fit for the 21st century.
Please login to comment