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UK Financial Conduct Authority Urges Victims To Come Forward After Getting Confiscation Order Against Three Individuals

Date 03/10/2019

Southwark Crown Court has made confiscation orders against Samrat Bhandari, Muhammad Mirza and Paul Moore, following their earlier convictions and prison sentences for running an illegal investment scheme that lost investors over £1.4 million.

Between 2009 and 2014, they systematically misled investors, many of whom were retired and vulnerable, by giving them wholly misleading information about the value and prospects of Symbiosis Healthcare Plc. 

Samrat Bhandari has had a Confiscation Order made against him for £376,604, all to be paid as compensation to the confirmed victims of his offending. The amount of £279,970 must be paid by 7 October 2019 with the remaining £87,634 payable by 21 December 2019.

Muhammad Mirza has had a Confiscation Order made against him for £1,190,128, to be paid by 26 December 2019. Of this amount, £754,766.05 is to be paid to confirmed victims of his offending.

The FCA has confirmed the full details of around 200 victims of this scheme. However, the FCA believes that there are other victims of the scheme whose identity it has not confirmed.  The FCA sent letters to their last known addresses seeking confirmation that they were victims but they have not responded.  Until the FCA has confirmed that they are victims, the Court cannot direct that sums be paid to them.

The FCA urges any individual who believes they were a victim of the scheme and would like compensation, to contact the FCA urgently if they have not yet done so.

If you think you may be a victim and you have not received anything from us, please contact us as soon as possible by:

  • emailing us on Alfreton.Mailbox@fca.org.uk or
  • calling us on 0300 500 8082 or
  • writing to us at The Operation Alfreton Team, Unauthorised Business Department, Financial Conduct Authority, 12 Endeavour Square, London E20 1JN

Please provide the following information:

  • your name (and the name of the person who invested if different - see below)
  • your postal and email addresses
  • a contact telephone number

If you are acting on behalf of a victim or the estate of a deceased victim, you will need to provide evidence of your authority to act on their or their estate’s behalf (eg a signed letter of authority from the investor; a Power of Attorney; Letter of Administration or Grant of Probate).

Deadline: please provide this information as soon as possible and by no later than 1 November 2019. 

The FCA will check that everyone who contacts it is eligible for compensation, and then apply to the Court to ensure that the money confiscated is paid as compensation. The Court cannot hear any application on this issue after 21 November 2019 and so the FCA will need to have full details of such claims by no later than 1 November 2019.

In addition to these offences, Paul Moore was previously convicted on a single count indictment in Maidstone Crown Court, on matters not related to this FCA prosecution. He has had a Confiscation Order made against him for £29,736.45 which must be paid by 16 December 2019. This sum must be paid as compensation to confirmed victims of his offending from the earlier Maidstone Crown Court conviction.

A further convicted Defendant in this matter, Michael Moore, has yet to have a confiscation order made against him, and proceedings at Southwark Crown Court are ongoing.

Background

  1. Samrat Bhandari received a default prison sentence of 3 years 6 months imposed by the Court under the terms of the Order. Muhammad Mirza received a default sentence of 7 years. Paul Moore received a default prison sentence of 1 year.
  2. Defendants sentenced in FCA prosecution of £1.4 million investment scheme