Loan shark ordered to pay back £5m

One of Britain’s most ruthless loan sharks has been ordered to pay back more than £5 million or face another 11 years in jail.

Dharam Gopee, 65, was locked up for three and a half years in February 2018 after he targeted desperate debtors and threatened to make them homeless if they did not pay up.

Former nurse Gopee soon fell under the scrutiny of regulators and lost his licence to operate in 2012 but continued to make loans of more than £1 million.

Judge Martin Beddoe ordered Gopee to repay £5,118,018.72 or serve 11 years in default following a hearing under the Proceeds of Crime Act at Southwark Crown Court.

Gopee took in at least £2 million in payment from old and new consumers between 2012 and 2016.

Judge Beddoe: ‘I have optimism given his manner over the last few days was constructive that he will abide by the court orders.

‘Bearing in mind the default is a term of imprisonment of 11 years.

‘The amount is to be paid in compensation in accordance with the schedule marked be such sums.’

Gopee took over 200 victims to court and took possession of one hundred homes after forcing them to sell-up at well below the asking price.

His conviction was the first time the Financial Conduct Authority had successfully brought charges against an unlicensed consumer-credit lender.

Jailing him in February last year Judge Beddoe said: ‘Your conduct, as far as this case is concerned, has involved one dishonest inconsistency after another-trawling through the legislation to find something that you could bend the truth to.

‘The figures are staggering – a million pounds or so collected in counts one and two.

‘On counts three and four the figures are similarly staggering, a million pouds loaned, a million pounds received and a million pounds still outstanding.

‘You are obsessive and have an obsession only with making money at the expense of others.

‘All of this is sadly removed from your former life as a nurse.

‘You exploited the weaknesses and vulnerabilities of many, many people.’

Gopee, formerly of Brightwell Avenue, Westcliff-on-Sea, Essex, had denied but was convicted of two charges of engaging in activities for which a licence is required, under the Consumer Credit Act 1974 and three of carrying out a regulated activity in the UK under Financial Markets and Services Act 2000. The charges dated from between 17 August 2012 and 16 December 2016.

He was jailed for three and a half years in February last year and has now been ordered to pay back £5,118,018.72 or face a further 11 years in prison.