Case details for Niraj Nain

Name: Niraj Nain

Name: NIJIUS MAXIMUS NAIN SKILLED RISK-TAKING LTD

Date of Birth: 19 / 11 / 1981

Date Order Starts: 27 / 9 / 2021

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 10465052

Last Known Address: Flat 15, Peony Court,, 13 Park Walk,, , , LONDON,, SW10 0AJ

Conduct: 1) Between 7 November 2016 and 18 September 2019 Niraj Nain (‘Mr Nain’) caused Nijius Maximus Nain Skilled Risk-Taking Ltd (“Nijius”) to engage in a scheme of offering high rates of interest to lenders, whilst the company was generating no income or profits. During this period the only payments to lenders were made from loans by later investments or through reinvestments, resulting in losses to private lenders totalling at least £878,083. In that: • Nijius was incorporated on 7 November 2016 with the intention of continuing Mr Nain’s sole trader business. • In December 2016 Nijius obtained loans totalling £117,000 with agreed interest rates of at least 20%. The total interest due to be paid on these loans was £26,350. • During 2017 Nijius obtained loans totalling £342,500 with agreed interest return rates between 15% and 40%. Some of the loans were reinvestments of previous loans and interest. The total interest due to be paid on these loans was £114,025 • During 2018 Nijius obtained loans totalling £406,250, including reinvestment of previous loans and interest. The total interest due to be paid on these loans was £93,562. • During 2019 Nijius obtained loans totalling £676,250, including reinvestment of previous loans and interest. The total interest due to be repaid on these loans was £180,562. • All loan monies received by Nijius were paid directly into personal bank accounts in Mr Nain’s name, as per the instructions on the loan agreements provided to the lenders by Nijius. • Between 7 November 2016 and 18 September 2019 Mr Nain operated two dealing accounts with two separate online trading platforms on behalf of Nijius, however statements for those accounts show that during that period only one trade of £49.89 was made. • As Nijius generated no profits from its limited trading activity, all interest paid to lenders by the company, of between 20% and 50% per annum, was paid from new loan capital or when money was reinvested. • The total amount claimed by private lenders in the liquidation of Nijius is £878,083, inclusive of interest. 2) Niraj Nain (‘Mr Nain’) provided false financial statements to a third party investor showing that Nijius had significantly more assets than was the case and showing profits which had not been generated. Based on the false documents, the third party provided a secured loan of £350,000 to Nijius. In that: • Nijius was incorporated on 7 November 2016 • Financial statements to 31 March 2018 were approved by Mr Nain on 11 December 2018 showing a balance on the Profit & Loss account of £4,805,037 and current assets of £7,125,680 when the company had made no profits and had £488 in the dealing accounts. • A statement for a trading account was provided by Mr Nain to the third party showing that on 29 January 2019 Nijius had assets of £8,232,110. Statements directly from the broker show that the trading account held assets of £48. • As a result of the information provided, the third party provided a secured loan of £350,000 was loaned to the company on 7 February 2019. • The total amount claimed by the third party investor in the liquidation of Nijius is £419,973, inclusive of interest. 

This information is correct as at 7 / 9 / 2021



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