FCA secures £5m confiscation against illegal money lender

18th December 2019

Southwark Crown Court made a confiscation order against Dharam Gopee in the sum of £5,118,018.72. The effect of the order is to confiscate all his criminal proceeds as an illegal money lender. Gopee was also ordered to pay almost £230,000 in compensation to consumers.

This follows the Financial Conduct Authority’s (FCA) prosecution in which Gopee was convicted of illegal money lending and sentenced to three and a half years in prison. Gopee illegally loaned money to vulnerable consumers at high rates, securing the loans against their properties. He sought to take possession of the properties if the consumers failed to repay their loans.

If Gopee does not pay the confiscation and compensation orders on time, he is liable to spend a further 11 years in prison. Gopee is also subject to a travel ban preventing him from leaving the UK until he has paid the orders.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said “Mr Gopee’s offending has caused substantial harm to vulnerable consumers. He has defied court orders in continuing to offend in one of the worst cases of contempt of court seen by the FCA. Together with his jailing, this order seeks to deprive him of all his ill-gotten gains and to compensate victims. He runs the risk of a very significant additional jail term if he fails to comply with these orders.”

Gopee also continues to be subject to a Serious Crime Prevention Order, preventing him from undertaking further money lending for 5 years.