Property Directors Banned For Taking £6.5M Of Investor Cash

Law360, London (March 30, 2021, 12:43 PM BST) -- Two property developers have been banned from being directors for a total of 25 years after they pocketed more than £6.5 million ($9 million) of their investors' money to fund lavish lifestyles, a government agency said on Tuesday.

Sanjiv Varma has been banned from managing a company for 13 years and Jonathan England has been disqualified for 12 years, the Insolvency Service said. Both bans became effective from Feb. 22 after the men did not dispute that they had caused Grosvenor Property Developers Ltd. to misappropriate investors' deposits.

Varma spent at least £1.3 million on international flights, designer clothing and gifts, the...

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