Two men who carried out a £3 million insolvency fraud and money laundering scheme have been sentenced.
Disqualified director Tariq Sarwar knew his company was in financial difficulty and likely to be wound up when he sold commercial property in Salford – his company’s only substantial asset – for more than £5 million.
Sarwar fraudulently transferred more than £3 million from the proceeds of that sale without paying off his company’s debts to HM Revenue and Customs (HMRC) and other creditors. The money went to a food and drinks company controlled by Christopher Francis,, who laundered the funds through a network of accounts and other companies back to Sarwar.
While creditors were left owed more than £500,000,…