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‘Boiler Room’ fraudster sentenced to additional six years

22 January, 2014 | News Releases

Rahul Natwar Patel has been sentenced today at Margate Magistrates’ Court to six years imprisonment for failure to pay a confiscation order.

Rahul Patel who was resident in Spain was originally sentenced to seven years imprisonment by Ipswich Crown Court in July 2010 for conspiracy to defraud.

The offence was carried out between 2003 and 2006 and involved a £10 million ‘boiler room’ fraud where investors were pressured into purchasing valueless shares.

Patel was ordered in March last year by His Honour Judge Holt to pay a confiscation order of £2,191,086.28 (that sum to be used to pay compensation to the victims of the fraud) within six months or serve a six year prison sentence in default. During that period he made a token payment of £9,734.17.

The default sentence imposed today will be served after the original sentence unless the confiscation order plus any accrued interest is paid in full.

Notes to Editors:

1. Rahul Patel was ordered on 26 March 2013 by His Honour Judge Holt to pay £2,191,086.28 in compensation.  For further information on this case please see the first sentencing press release from 2010.

2. Other SFO cases which include lengthy sentences include Asil Nadir, Nicholas David Andrew Levene, Kevin Foster, Achilleas Kallakis, Virendra Rastogi, Abbas Gokal and Saghir Afzal.