A Hertfordshire fraudster who conned victims out of £230,000 has been jailed for running a money-laundering scheme with his wife.
Mahendra Sarvendra, 52, was jailed for six years and six months, while his wife, Mirnalini, 51, received a three-year sentence suspended for three years.
The couple denied fraud by false representation and money-laundering offences under the Proceeds of Crime Act.
Sarvendra befriended the victims in 2022 and offered to arrange a remortgage. Instead, he persuaded them to put their savings into businesses including a shop and an IT firm.
The money was never invested but funded Sarvendra’s lavish lifestyle. He returned just £10,000 to the victims.
Both defendants, who lived on Aldenham Road in Bushey, were arrested after an investigation by the Serious Fraud and Cyber Unit.
The pair were sentenced at St Albans Crown Court on Friday, October 30.
A Proceeds of Crime recovery process is under way to claw back money from the couple’s accounts and assets.
Detective Constable Laura Varney, from the Serious Fraud and Cyber Unit, said: “Mahendra posed as a financial professional after befriending the victims and used his supposed expertise to advise them on a series of bogus investments, most of which enriched his own lifestyle.
“Financial investment is a specialised field, and I would urge anyone looking to invest to thoroughly research individuals and companies before committing any money into a venture.
"Genuine advisors must be qualified and registered with the Financial Conduct Authority; you can check their credentials at www.fca.org.uk.”
Advice on avoiding fraud is available at https://orlo.uk/JWr4O and https://orlo.uk/Ajh8m.
Victims of fraud or cybercrime should contact Report Fraud on 0300 123 2040. Call 999 if a crime is under way.
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