A fraudster jailed last year has been ordered to repay more than £124,000 after profiting from a series of investment scams.
Mital Mehta, 45, was sentenced in May last year to five years and three months in prison after pleading guilty to 21 counts of fraud by false representation.
Picture credit: Leicestershire Police
At a hearing at Leicester Crown Court on Thursday (26 March), the court heard that Mehta, formerly of Jamie Marcus Way in Oadby, had benefited from his criminal activity by more than £760,000.
Following an assessment of his available assets, a confiscation order of just over £124,000 was granted under the Proceeds of Crime Act (POCA).
Mehta defrauded 24 victims by promising high returns on investments in a protein bar business and schemes involving the buying and selling of Premier League football tickets. However, the businesses did not exist, and the money was instead used to fund his lifestyle, including a gambling habit.
One victim lost nearly £40,000 after initially investing £1,500 and receiving a £2,000 return, which helped build trust. He was later persuaded to invest larger sums but received nothing in return.
When he challenged Mehta, he was given a series of excuses, including claims that HM Revenue and Customs had frozen bank accounts. The victim ultimately lost a significant amount of money and, during last year’s court case, described the devastating impact on his life and family. Another victim lost a business built up over many years.
Investigators described the case as lengthy and complex, involving a significant number of victims.
Financial Investigator Ian Bosworth, from the Economic Crime Unit, led the application for the confiscation order.
He said: “Once we have been able to secure the funds, the value of the order will be shared among the victims.
“While it does not provide all the money they invested back, we hope it reassures them that we have used the powers available to us to recover money Mehta fraudulently acquired.
“If Mehta does not pay the value of the order, he could face an extended prison sentence. If he acquires further assets in the future, we can seek to confiscate those to ensure the full value of the order is paid.”
