FCA Urges Victims of Illegal Loan Scheme to Come Forward

fcaThe Financial Conduct Authority (FCA) has today urged customers who took out a loan with Mr Dharam Prakash Gopee to contact them as they may be eligible for compensation.

Mr Gopee was convicted of illegal money lending offences in February 2018 and sentenced to three and a half years in prison. The FCA began confiscation proceedings against Mr Gopee in order to recover the financial benefit he obtained from his criminality. Money recovered under the confiscation order can then be used to compensate victims.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA said:

‘Mr Gopee preyed on vulnerable people for his own gains. He has now been jailed and now we want to confiscate his criminal proceeds to compensate his victims.

‘We have been in contact with victims already but we know there are more out there. We ask anyone who borrowed from Mr Gopee to come forward so we can quantify relevant amounts and present the evidence to the court.’

Any individual who look out a loan with Mr Gopee, or any of his companies, and who has not yet contacted the FCA, should do so by 15 November 2019. Individuals will need to supply sufficient information and supporting documents to demonstrate their loss to the FCA.

If you think you have been effected then either email [email protected] or write to the FCA at:

for the attention of UBD RECC024,
Financial Conduct Authority,
12 Endeavour Square,
E20 1JN

The confiscation proceedings relating to Mr Gopee are complex and will take some time to resolve. As matters currently stand, it is likely that the issues raised during these proceedings will need to be resolved by the Crown Court during a contested hearing, due to start on 9 December 2019.

After the hearing, the Crown Court will make a confiscation order. When a confiscation order is made, the FCA will ask the Court to order that monies confiscated from Mr Gopee are used to compensate the victims who have suffered a loss from the crimes for which he has been convicted. It is for the Court to be satisfied that individuals are eligible for compensation but the evidence gathered by the FCA will assist the Court in making those decisions.