Gambling Addict conned Investors in £3.2m Fake Business Scam

A Southall man has been jailed for conning investors in Slough and Dubai out of £3.2 million in a fake business scam.

Gambling Addict conned Investors in £3.2m Fake Business Scam f

Victims lost around £3.2 million in total.

Inder Daggar was jailed for six years and five months for running a fake business scam, conning investors in Slough and Dubai to fund his gambling habit.

Between October 2019 and November 2021, Daggar told people he was starting his own business.

The 32-year-old produced glossy brochures and told people that he planned to tender for projects with large businesses such as PepsiCo, Mars and Nestle.

He and the investors would sign contracts which said the capital invested would sit in the company bank account so he could show the large businesses that he had enough money to do the work.

When money was due to be returned, Daggar asked investors to keep it in the business, claiming he had more work coming or there were problems with the bank.

In reality, the investments would be moved to one of his other accounts and gambled away.

Daggar produced fake emails, invoices and bank statements to convince victims that his business was genuine.

An investigation was launched and Daggar was charged on August 5, 2023.

Victims lost around £3.2 million in total.

Daggar’s net earnings were approximately £40,000 and nowhere near the amount gambled.

He used the money to gamble with 53 different companies. The most bets placed by Daggar in one day was 1,333 and the biggest financial loss, due to gambling, in one day was £125,000.

Many victims, the majority of whom lived in Slough but some in other parts of the UK and Dubai, suffered anxiety and emotional distress.

Daggar pleaded guilty to one count each of fraud by false representation, making/supplying articles for use in fraud and carrying on a business of company with intent to defraud creditors/for other fraudulent purposes.

At Reading Crown Court, Daggar was jailed for six years and five months.

Investigating officer DI Duncan Wynn said: “I am pleased to see that Daggar has been sentenced for his actions and hope this result demonstrates how seriously Thames Valley Police takes such offences.

“Daggar targeted friends, family and other associates and he encouraged them to introduce other people that they know, for investment.

“The court heard that the majority of Daggar’s investors gave him money to support him rather than with a view to make a profit.

“They talked about sleepless nights, worrying about the money which they needed for a deposit on a house or to pay for a wedding.

“They suffered anxiety and emotional distress over a long period of time as a result of his actions.”

“I would like to thank the victims in this case who have bravely contributed and supported our efforts to bring them justice.

“We’re aware that incidents like fraud can have a huge impact on individuals, often causing victims to feel embarrassed.

“I would like to reassure anyone affected by fraud to report these issues without fear of judgement, but rather you can be confident that we will do our utmost to secure justice.”

Lead Editor Dhiren is our news and content editor who loves all things football. He also has a passion for gaming and watching films. His motto is to "Live life one day at a time".




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