A fraudster who scammed almost £160,000 out of friends and acquaintances ‘deliberately set out to deceive’, said police.
Welcoming the three year and four month sentence given to former Milton-under-Wychwood resident Lois Bhagwan at Oxford Crown Court, Det Insp Duncan Wynn of Thames Valley Police’s economic crime unit said: “The web of lies she created to further her own ends and support her lifestyle at the expense of her victims was quite incredible.
“We are delighted that she has been held to account for her actions and that the victims now hopefully have some closure on this matter.
“I would urge anyone considering making an investment to talk with trusted family and friends or seek independent, professional financial advice before making any commitments and only invest money in companies regulated by the Financial Conduct Authority.”
READ MORE: How a Cotswolds fraudster stole thousands by claiming links to celebrities
Last week, Bhagwan was found guilty of seven counts of fraud by Oxford jurors. She was cleared of three other allegations. You can read the full story here.
The Fijian-born film producer persuaded her victims to invest in what she claimed was a high-interest fund, producing paperwork ‘showing’ them their money was safe – and earning 12.5 per cent interest.
She said the money was supporting her charitable initiative – the Lionheart Project – a global network connecting communities around the globe. The project was to be launched worldwide with a film.
READ MORE: Jail for film producer who scammed friends into handing over money
Mr Wynn claimed: “The Lionheart Project was a little more than a concept in her own mind and while she did meet with various foreign diplomats and governments, she never had anything tangible to show for her efforts, nor did she have any reasonable prospect of generating revenue to repay her victims.
“It was telling that very few victims in this case were able to clearly describe what the Lionheart Project actually did and how it would generate any profit. The fact was that they believed they were investing in someone they trusted, a friend and a competent businesswoman.”
Lois Bhagwan's mugshot Picture: TVP
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