Skip to content
Search

Latest Stories

Man ordered to pay £225,000 to former employers he defrauded

A CONVICTED criminal who stole more than £441,000 from his former employers has been ordered to pay back over £225,000.

Viraj Patel, 34, pleaded guilty to fraud by abuse of position.


Patel put fictitious invoices through the banking system of the company where he was finance manager to channel company funds into his own account.

The crime came to light when the Worcester Park-based British Asian left the organisation.

Patel was sentenced to 30 months imprisonment earlier this year at Guildford Crown Court.

Surrey Police financial investigator Steve Hayes was then able to step in and initiate the process of linking his assets to his crime, and going to court to confiscate those assets.

The force restrained his bank accounts, one of which alone had £149,000 in it.

Cash, watches and a gold bar were also seized, all of which were sold.

Surrey Police also worked with Patel’s family to sell his top-of-the-range BMW car.

Detective Inspector Matthew Durkin, Head of Surrey Police's Economic Crime Unit, said: "We were able to understand Patel’s financial activity in such great detail that there was no way he was going to get away with any of the money from his crime…”

“More importantly though, the confiscation order means that we have been able to compensate his victim, his former company,” he added.

The £225,000 has now been paid to the victims, Patel’s former employers, as compensation.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less