A fraudster who tricked friends and family into investing in his fake company only to spend the money on gambling has been jailed for more than six years.
Inder Daggar, of Brent Road, Southall, told his victims he was starting his own company and was targeting big clients including Mars and Nestle.
Between October 2019 and November 2021, the 32-year-old convinced investors, the majority of whom lived in Slough, to part with approximately £3.2million.
But rather than supporting his so-called business, Daggar instead moved the investors’ money into one of his many other accounts and gambled it away.
Police said he gambled with around 53 different betting firms and managed to lose £125,000 in a single day.
On Monday, January 6, he was jailed for six years and five months at Reading Crown Court.
He had previously pleaded guilty to fraud by false representation, making/supplying an article for use in fraud and carrying on a business with intent to defraud creditors.
Investigating officer Detective Inspector Duncan Wynn said: “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.”
Daggar’s deception saw him draw up contracts for investors which said their money would sit in a company bank account to prove to large businesses he had enough cash to operate.
When money was due to be returned, Daggar asked investors to keep it in the business as he had more work coming or would tell them there were problems with the bank.
In reality, the investments would swiftly be moved to one of his many other accounts and gambled away.
Daggar would produce fake e-mails, invoices and bank statements to convince his victims that his business was genuine.
Police said the financial loss of the victims, some of whom lived in Dubai, was in the region of £3.2million.
Daggar’s net earnings was approximately £40,000 and nowhere near the amount he gambled.
Detective Inspector Wynn added: “We’re aware that incidents like fraud can have a huge impact on individuals, often causing victim’s 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.”
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