Rajinder Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages.

As accomplices in the scheme, Amandeep Heer received a community order for 2 years with a condition of 250 hours of unpaid work, and Jetinder Sandhu has completed 100 hours’ unpaid work over 12 months (as a condition of a 15-month suspended imprisonment, which was suspended for 18 months).

Through Secure Property Consultants Ltd, Mr Gill targeted homeowners in financial difficulty, claiming he could sell their homes quickly, offering them cash advances and saying they could stay in homes as tenants. Victims were encouraged to sell their houses at less than market value, while he charged excessive, confusing or hidden fees – totalling £925,233. Some were evicted from their homes. 

Steve Smart, executive director of enforcement and market oversight at the Financial Conduct Authority (FCA), said: “Mr Gill and his accomplices preyed on vulnerable homeowners, turning financial difficulty into misery to fill their own pockets. Sale-and-rent-back comes with significant risks. If you are considering using it, always check the provider is authorised by the FCA.”

In sentencing Mr Gill, His Honour Judge Weekes said “there was a pattern of systematic exploitation” and the “victim impact [was] stark and troubling”. He added Mr Gill was “dishonest and manipulative” and the sale-and-rent-back agreements “particularly odious”.

Once Mr Gill became aware of the FCA’s investigation, he tried to conceal these activities and shut down the company, telling clients not to talk to the regulator.

Mr Sandhu and Ms Heer, who was Mr Gill’s partner, supported the offending.

Mr Gill pleaded guilty to 27 offences in relation to sale-and-rent-back agreements as well as credit agreements/mortgage contracts. He asked the court to consider a further 12 offences of the same nature at sentencing.

Following a trial, Ms Heer was found guilty of committing 3 similar offences.

The FCA has commenced confiscation proceedings to deprive the defendants of the proceeds of their crimes with a view to compensating victims.

Mr Gill was disqualified from being a director of a company for 8 years.