Case details for Raheel JAKHURA

Name: Raheel JAKHURA

Name: Mascot Consulting Limited

Date of Birth: 9 / 6 / 1982

Date Order Starts: 7 / 3 / 2022

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 10904239

Last Known Address: 46 Ridgemount Avenue,, , , , CROYDON,, CR0 8TQ

Conduct: MCL Rahell Jakhura (“Mr Jakhura”) caused Mascot Consulting Ltd (‘MCL’) to apply for and obtain a government backed Business Bounce Back Loan (“BBL”) totalling £50,000 for which it was not eligible by providing false or knowingly inaccurate information and did not use the moneys obtained for the economic benefit of the Company, contrary to the terms of the loan. These actions constitute a misuse of the Covid business support finance scheme. In that: Application criteria Miss-statements A term of the support finance was that a business was adversely affected by the coronavirus pandemic Bank receipts from MCL’s sole client between 16 May 2019 and 19 April 2021 show that trading was neither interrupted nor reduced from March 2020, with average sums (less BBL) being over £1,000 per month higher post receipt of the BBL there was no interruption to the flow or regularity of receipts, with a payment being received on the 16th of every month in the period, or the nearest banking day thereto; In submitting MCL’s BBL application, Mr Jakhura declared on its behalf that its turnover in 2019 was £200,000 and that it qualified for the maximum loan of £50,000 on the basis that that latter sum was equal to or less than 25% of its annual turnover. MCL commenced trading in August 2018 and prepared accounts for the year to 31 August 2019, showing a turnover of £97,897, whilst bank receipts for the period from 1 September 2019 to 31 December 2019 total £28,007, thereby demonstrating that MCL’s turnover for the calendar year 2019 was no more than £125,904 and that the maximum loan it was eligible to receive was £31,476. Misuse of moneys obtain contrary to terms of BBL The BBL was received into MCL’s bank account on 23 June 2020 and, Mr Jakhura has confirmed, was subsequently transferred, in full, to the bank account of MPTL, by way of a loan. In submitting MCL’s application for the BBL, Mr Jakhura declared that “I/we undertake to use the credit granted on the basis of this agreement only to provide economic benefit to my/our business, for example, providing working capital, or investing in my/our business. I/we also confirm that the Bounce Back Loan will be used wholly for business purposes and not personal purposes”. Mr Jakhura subsequently caused MPTL to dissipate the entire BBL for the purposes of defraying personal expenditure incurred in carrying out repairs/improvements to his personal dwelling. Consequently, MPTL acted as a conduit for personal use of the BBL funds obtained and there was no economic benefit to MCL in the transaction. MPTL Rahell Jakhura (“Mr Jakhura”) caused Mascot Property Trading Ltd (‘MPTL’) to apply for and obtain a government backed Business Bounce Back Loan (“BBL”) totalling £50,000 for which it was not eligible by providing false or knowingly inaccurate information and did not use the moneys obtained for the economic benefit of the Company, contrary to the terms of the loan. These actions constitute a misuse of the Covid business support finance scheme. In that: Application criteria miss-statements A term of the support finance was that a business was adversely affected by the coronavirus pandemic trading receipts credited to MPTL’s bank account between 03 June 2019 and 06 May 2021 show that trading was not interrupted nor materially reduced from March 2020 with average sums (less BBL) being £1,000 per month lower post receipt of the BBL MPTL’s turnover derived from rent-to-rent or rental sub-letting activity and whilst that in the second period above is 16% down on the preceding period, both periods recorded receipts in 10 of the 12 months, indicating that the level of activity was unaffected; In submitting MPTL’s BBL application, Mr Jakhura declared on its behalf that its turnover in 2019 was £200,000 and that it qualified for the maximum loan of £50,000 on the basis that that latter sum was equal to or less than 25% of its annual turnover. MPTL commenced trading in August 2018 and prepared accounts for the year to 31 August 2019, showing a turnover of £73,797, whilst bank receipts for the period from 1 September 2019 to 31 December 2019 total £3,255, thereby demonstrating that MPTL’s turnover for the calendar year 2019 was no more than £77,052 and that the maximum loan it was eligible to receive was £19,263. Misuse of moneys obtain contrary to terms of BBL On 22 June 2020 Mr Jakhura signed a loan agreement with Metro Bank plc, in connection with the BBL, which contained the stated term “You will only use the loan we provide under this loan agreement for the purpose of providing economic benefit to your business including, but not limited to, working capital or investing in your business and to support trading or commercial activity in the United Kingdom.” Analysis shows, and Mr Jakhura confirms, that in addition to the use of BBL funds obtained in MPC and transferred to MPTL, he subsequently caused MPTL to dissipate the entire BBL receipts for the purposes of defraying personal expenditure incurred in carrying out repairs/improvements to his personal dwelling. Consequently, MPTL acted as a conduit for personal use of the BBL funds obtained and there was no economic benefit to MCL in the transaction. All such transactions were contrary to the terms of the BBL. 

This information is correct as at 7 / 3 / 2022



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