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Eight years for £13.5m con tycoon

By Emily Pennink

A "fundamentally dishonest" international tycoon has been jailed for eight years for swindling investors out of £13.5m.

In a private prosecution thought to be the largest of its kind in Britain, Ketan Somaia (52) was convicted of conning two businessmen out of loans in 1999 and 2000 which were never repaid.

Somaia never invested the money or repaid it, but instead used it for his own purposes or to prop up his ailing business empire, the Old Bailey heard.

The defendant, who was born in Kenya and lives in Bayswater, west London, had shown similar dishonest behaviour towards a third investor and tried to evade justice until he was eventually brought to account in a British court.

Belfast Telegraph

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