The FCA has started criminal proceedings against 3 people for carrying out regulated activity without authorisation.
Specifically, the FCA alleges:
- That between 1 September 2014 and 7 November 2018, Rajinder Gill and Jetinder Sandhu offered loans and sale-and-rent-back agreements on behalf of Secure Property Consultants Ltd (trading as Secure Property Buyers and Secure Property Sales) without being approved by the regulator. They have also been charged with fraudulent trading.
- That between 2 February 2017 and 17 October 2017 Amandeep Heer offered 2 sale-and-rent-back agreements when not authorised to do so.
Sale-and-rent-back agreements can target homeowners in financial difficulty whereby they sell their property at a discounted price on the basis that they can continue to live there as a tenant for a set period of time. Rent payments can go up during the tenancy and people may be evicted if they fall behind on payments.
Firms can misrepresent the terms of the sale and tenancy, meaning consumers are not aware of the risks.
Any consumer who thinks they may have been affected by the activities of the 3 individuals should contact the investigation team on [email protected].
Mr Gill appeared at Westminster Magistrates’ Court on 17 May 2023 and did not indicate a plea. Mr Sandhu and Ms Heer appeared at Westminster Magistrates’ Court on 12 June. Mr Sandhu indicated a not guilty plea and Ms Heer did not indicate a plea. The case was formally sent to Southwark Crown Court.
Notes to editors
- Rajinder Gill (DOB 27/10/1976), Jetinder Sandhu (DOB 27/01/1979), Amandeep Heer (DOB 07/08/1980).
- The alleged misconduct occurred between 1 September 2014 and 7 November 2018.
- Under Section 19 of the Financial Services and Markets Act 2000 (FSMA), a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt (this is the General Prohibition). Any person who breaches Section 19 of FSMA is committing a criminal offence for which the maximum sentence is 2 years’ imprisonment.
- Under s993 of the Companies Act 2006, if any business of a company is carried on with intent to defraud creditors of the company or creditors of any other person, or for any fraudulent purposes, every person who is knowingly a party to the carrying on of the business in that manner commits an offence for which the maximum sentence is 10 years’ imprisonment.
- Find out more information about the FCA.