Tax funds spent on Dubai home
Broker sentenced on evasion charge
A CROOKED mortgage broker from Hillingdon who lied about his profits to evade almost £115,000 in tax has dodged jail.
Asim Hussain, of Long Lane, Hillingdon, was given a two year suspended jail sentence Southwark Crown Court on July 31.
The 42-year-old defendant, who was director Lifestyle Mortgages (Middlesex) Ltd, had diverted company income into other bank accounts to pay less corporation tax, HM Revenue and Customs (HMRC) said.
Hussain then spent the money to finance a property in Dubai, overpay on his mortgage and buy land as an
of investment. Gary Forbes, Assistant Director, Criminal Investigation, HMRC, said: “Hussain learned the hard way that crime does not pay – he now has a criminal record and his reputation and career are in tatters.
“What he did was illegal and immoral – he used the money that should have gone back into funding some of the UK’s most vital public services to invest in his property and enjoy a lifestyle most honest taxpayers can only dream of.”
DC Philip Palmer said the sentencing was the result of a coordinated approach by the Met, HMRC and the Financial Conduct Authority (FCA) and should send a strong message to the financial and banking community that fraud and cheating will not go unpunished.
The FCA’s predecessor, the Financial Services Authority, became suspicious of Hussain when a lender highlighted its concerns regarding discrepancies in relation to mortgage applications submitted by him, which were based on false and misleading information. He was trading at the time as Lifestyle Mortgages and was based in South Road in Southall.
He was found guilty of falsifying mortgage applicants’ income and employment details and at a separate hearing admitted cheating HMRC.
HMRC are pursuing the £115,000 of Corporation Tax owed. Confiscation proceedings have started by the MPS to recover criminal profits.