The founder of a Mayfair-based property fund management company, who inflated the values of some of his previous project by 10, has been disqualified for four years following an investigation by the Insolvency Service.
Baljinder Chohan, 32, set up UK Property Fund Managers (UKPFM) to launch and raise equity for a £1bn property fund and sent a proposal for the Shariah law compliant property fund to a commercial bank based in Saudi Arabia.
Beefed up figures
But the High Court has found that the proposal document ‘beefed up’ figures – something Chohan admitted in court. The company had also falsely said there was an ‘impending partnership’ between UKPFM and the NHS.
A list of the executive team members also included false names. One member had not given consent to be named as an executive member of the team and had no knowledge his name was being used.
Chohan’s own CV, which appeared with the proposal, contained ‘misrepresentations and some outright lies’, the court said. Chohan falsely claimed he had an MBA from Henley management College and said he had been a Communications Director at British Airways.
The court made a disqualification order against Chohan under the Company Directors Disqualification Act 1986, but allowed him to remain as a director of his other company, UK Land Investments, which operated out of the same office in Berkeley Square as UKPFM.