In 2014, Ketan Somaia was convicted by a jury of nine counts of obtaining a money transfer by deception, contrary to section 15A of the Theft Act 1968.
Following a private prosecution at the Central Criminal Court. The private prosecution was conducted on behalf of the first complainant by Peters & Peters solicitors and is believed to be the largest private prosecution brought by an individual in the UK to date. In 2016, Mr Somaia’s convictions were upheld on appeal.
On 12 January 2016, Mr Somaia was ordered to pay a total of £38.86m in compensation and confiscation. The judge, HHJ Hone QC, described the defendant as “a formidable and serial fraudsman on a truly Olympian scale”.
The prosecution was represented in court by William Boyce QC and Rachna Gokani