The Serious Fraud Office has forced the sale of two family homes as part of the recovery of £18m from two high-profile fraudsters.
Edward Davenport, who was convicted and sentenced for his role in a venture capital fraud, sold a 24-bedroom mansion at 33 Portland Place, W1, which featured in the Oscar-winning film The King’s Speech. The proceeds were used to pay his £13m confiscation and compensation orders.
In a separate case, Virendra Rastogi, who was convicted and sentenced in 2008 for financial trading fraud, was forced to sell his home at Orchard Court, W1, to pay off £5.4m of the £20m he owes.
Mark Thompson, head of the SFO’s proceeds of crime division, said: “The sales and subsequent payments to satisfy the court orders demonstrates the SFO’s commitment to pursuing the recovery of fraudsters’ ill-gotten gains.
“The sale of the properties should serve as a timely warning to those considering committing fraud that their assets, including family homes, are not protected and remain liable to confiscation.”
