UK: Financial Conduct Authority Issues First Serious Crime Prevention Order to Illegal Money Lender

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A UK man who acted as an illegal money lender has been sentenced to three and a half years in prison and was issued the Financial Conduct Authority’s first ever Serious Crime Prevention Order.

According to the FCA, Dharam Prakash Gopee, 64, acted as a money lender between 2012 and 2016 despite being refused a license by the OFT or securing authorization by the FCA. Gopee loaned money to consumers at high rates, securing the loans against their property. If consumers failed to repay the loans, Gopee sought to take possession of their property.

The SCPO will begin on Mr Gopee’s release from custody, and will last for five years. It includes conditions prohibiting him from conducting any business in the credit sphere, limits the number of bank facilities he is permitted to operate, and requires him to make disclosures of those banking facilities to the FCA. Breaching the terms of the order is a criminal offence, punishable by up to five years’ imprisonment.

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