Madhu Bhajanehatti, 45, and Himat Chana, 60, were property developers, buying and selling houses across London between 2002 and 2009.
They were very successful, making a significant amount of profit but they’d failed to pay the necessary tax on sales profit.
This resulted in a loss of around £991,000 to HMRC and today, they have been sentenced to a collective eight and a half years.
Sarah Place of the CPS said: “These men exploited the lucrative potential of the London property market for their own selfish gain. The loss to the taxpayer was considerable and it is crimes like this that we are absolutely committed to prosecuting.
“HMRC officers and prosecutors from Specialist Fraud Division worked together to ensure these defendants were brought to justice and are now facing the consequences of their fraudulent actions.”
Today Madhu Bhajanehatti has been ordered to pay £191,086 under the Criminal Justice Act. Mr Chana will be facing proceeds of crime action at a later date.
Madhu Bhajanehatti pleaded guilty to cheating her majesty, the queen and the public revenue, contrary to common law on 25 June 2019
Himat Chana was found guilty of cheating her majesty, the queen and the public revenue, contrary to common law on 15 August 2019 at Southwark Crown Court and has been sentenced to 4 years and 4 months in prison.