A HILLINGDON mortgage broker has been sentenced for evading almost £115,000 in corporation tax by lying about his company profits.

HM Revenue and Customs (HMRC) found that Asim Zaffar Hussain, the director of Lifestyle Mortgages (Middlesex) Ltd, had diverted company income into other bank accounts to reduce the profits of his company and pay less tax.

Hussain, 42, of Long Lane, spent the money on financing a property in Dubai, overpaying on his mortgage and buying land as an investment.

Hussain Gary Forbes, assistant director of Criminal Investigation at HMRC, said: “Hussain seemed to believe he could act above the law and that by simply moving money between bank accounts he would stay off HMRC’s radar.

“Instead, he has learned the hard way that crime does not pay - he now has a criminal record and his reputation and career are in tatters.

“What Hussain did was illegal and immoral – he used the money that should have gone back into funding some of the UK’s most vital public services to invest in his property and enjoy a lifestyle most honest taxpayers can only dream of.”

Asim Hussain appeared at Southwark Crown Court on Friday after a joint investigation by HMRC and the Metropolitan Police Service.

It was sparked by the Financial Conduct Authority’s predecessor, the Financial Services Authority, which became suspicious when a lender pointed out discrepancies in relation to mortgage applications submitted by Hussain.

Hussain, who was struck off as a mortgage advisor, was found guilty of falsifying mortgage applicants’ income and employment details and pleaded guilty to cheating HMRC.

He was sentenced to two years in prison, suspended for two years, and ordered to carry out 240 hours of community service.

DC Philip Palmer of the Met said: "This sentencing is the result of a coordinated approach by the MPS, HMRC and FCA and should send a strong message to the financial and banking community that mortgage fraud and tax cheating will not go unpunished.

“Every penny that Hussain evaded increased the tax burden on law-abiding citizens and deprived government revenue."

HMRC are pursuing the £115,000 of Corporation Tax owed. Confiscation proceedings have started by the Metropolitan Police to recover criminal profits.

Georgina Philippou, acting director of enforcement and market oversight at the Financial Conduct Authority, said: "This is a very serious offence and this sentencing demonstrates that any attempt to abuse the system will not be taken lightly. It is an excellent example of the authorities working together to tackle an individual who put lenders and consumers at risk."