Greater Manchester Police has issued an arrest warrant for Shaid Luqman, the former head of collapsed Manchester property firm Lexi Holdings.
Luqman is understood to have fled the UK while wearing an electronic tag. Reports suggest he has fled to Pakistan.
Luqman, who once controlled a business empire valued at £300m, was the head of property finance firm Lexi Holdings until it went into administration in 2006, owing more than £100m. Administrator KPMG has subsequently pursued him through the civil courts to recover assets.
In April, Luqman was ordered to wear an electronic tag after admitting fraud. He had breached a prior court order by applying for a new passport, which he said was owing to the need to visit his ill parents in Pakistan. He was given a ten-month sentence, suspended for 18 months.
Luqman has served two prison terms for court breaches, most recently in 2009.
He bought his first house while a student at Manchester University, and by the time he graduated owned 24 houses. His expanded his business empire by providing loans for property development across Europe and Asia. Luqman was ranked 238 in the 2006 Sunday Times Rich List, but in 2007 he was banned from running a company for 15 years.
Greater Manchester Police confirmed that a European arrest warrant has been issued for Luqman by Minshull Street Crown Court in Manchester.
