Jagdev Wasu and Paramit Wasu both banned from acting as directors 11 years after fraudulently applying for a ?1.3m*loan
A former dentist who was struck off for dishonesty and poor clinical care and who was also bankrupt, together with a bankrupt GP from Harrow, have been disqualified from acting as directors after making false representations to a financial institution in their application for funding totalling ?1.3 million.
The pair alleged they intended to use the funding for the purchase of shares in Weymouth Medical Ltd, a dental training company, with Jagdev Wasu acting as company director despite his bankruptcy order barring him from doing so legally.
Following the collapse of Weymouth Medical Ltd, the bank was left with a shortfall of over ?650,000.
Jagdev Wasu acted as a director of Weymouth whilst prohibited from doing so, having been declared bankrupt on 18 October 2013.
Commenting on the disqualification, Robert Clarke, Investigations Group Leader at the Insolvency Service said:
Company directors should be under no illusion that it is a serious offence for a person to act as company director whilst undischarged from bankruptcy.
In this case, the breach was exacerbated by providing false information to secure funding for the company, the failure to disclose the true position, causing substantial monetary loss.
The Secretary of State for Business, Energy and Industrial Strategy accepted undertakings from Jagdev Wasu and Paramit Wasu that they would each not act as directors for 11 years on 16 August 2017. The disqualifications came into effect on 6 September 2017.