Archive for the ‘Banking’ Category

Bank suffers losses over false invoices

Monday, September 26th, 2016

Bank suffers losses over false invoices

A father and daughter duo have been disqualified for a total of 16 years for raising false invoices.

Raj Kumar Thaneja, 57, acted as a company director of electrical goods firm Kingsway Lansdown Limited to raise false invoices to a bank that provided invoice discounting facilities, which resulted in the firm receiving at least £190,630 to which it was not entitled. Company director Ellena Jane Kehoe, 35, was found to have failed to prevent the firm from raising the false invoices. Susan MacLeod, chief investigator at the Insolvency Service, said: “The directors did not run their business in accordance with the terms set out in its agreement with the invoice discount facility provider.“The company obtained money to which it was not entitled by submitting details of sales invoices which did not exist, which caused the provider to incur financial losses. “The directors failed to live up to the expectations of the business community.” Bradford-on-Avon-based Kingsway Lansdown raised at least 26 false invoices between 17th December 2013 and 1stMay 2014, with a total value of £238,287.