More than 18 months after the director of a property investment firm was banned with liabilities of over £14m, families and elderly who invested in his company have spoken out.

One family told of the ‘anguish’ and the ‘debt’ they incurred investing with the man who they say has made ‘no actual effort to pay any money back’.

The businessman behind the company Bakhtiar Abbasi, of Longleat Way, Feltham was banned from being a director for 12 years in August 2020 after volunteering for his own disqualification.

Official documents show that Bakhtiar Abbasi, 46 in his capacity of director of New Global Investments went into ‘Creditors Voluntary Liquidation’ on 11 March 2019. Mr Abbasi which a document states admitted to having assets of ‘nil’, does not dispute that liabilities were £14,730,277.

The documents also show that the company ‘failed to provide evidence that all such monies received for the purpose of acquisition of properties was invested in property acquisition and failed to provide evidence of any property purchases or investments by New Global.’

Mr Abbasi has responded through a solicitor and said he would not respond to ‘generalised allegations by any investors’ and that their client ‘had voluntarily provided a disqualification undertaking dated 23 July 2020’.

He also stated that ‘he was successful in having that private prosecution dismissed against him.’ Yet, a judicial review later found there was ‘no proper ground for setting aside the summons’

Official documents show that New Global Investments went into liquidation owing £14,730,277 in March 2019.

The documents also show that the company ‘failed to provide evidence that all such monies received for the purpose of acquisition of properties was invested in property acquisition and failed to provide evidence of any property purchases or investments by New Global.’

The document says that a Land Registry search ‘shows that New Global does not appear as a registered proprietor of any land or property.’ 

The documents also says, ‘New Global’s bank statement show the following total payments of £10,8034,204 and withdrawals of £7,620,500, but as a result of a failure to deliver adequate trading record, it has not been possible to verify the purpose of such payments an withdrawals.’

According to a progress report by liquidators Quantum Advisory Limited filed on May 2021, the company ‘did not keep detailed books and records so its accounts do not indicate if there are sums owed to the company.’

As a property investment the firm has fallen outside the remit of the Financial Services Authority (FSA).

Despite assurances that money would be returned some elderly and retired individuals who had dealings with Mr Abbasi have not been paid.

A pensioner said his life had changed dramatically after his introduction to Abbasi.

He had told us: “I had my life savings for which I had worked hard for. It was my life’s work and it was all for my retirement. Now, I am heavily in debt. I borrowed from family and friends just to survive.”

He said he was introduced to Bakhtiar Abbasi by friends.

One family who did not wish to be named said they had invested amounts between 2014-2019.

They said they were told that the money was going to be invested ‘on our behalf doing property deals’. 

They told us: “This would then double and triple our initial investment, and then within 3-6 months we would return our capital investment as well as the properties.”

The money they said was handed in ‘trust’. The family showed evidence of a bank transfer as recent as 2018.

A family member said: “During this time he (Mr Abassi) was extremely affable, always available on his phone or in person to discuss the investment deal in great length, and happy to answer any questions and queries that we had. 

“We gave him the bulk of our money, and that’s when our nightmare began, and our lives intrinsically changed forever.

“We were promised different properties as a return on our investments and given addresses of the properties, but we never got any property.”

Seven years on the company has gone into liquidation the family have received nothing despite claims to the contrary. They said had been promised funds on numerous occasions but have received nothing.

A family member said: “He has kept us living in hope and fear for the return of our money and for our properties, neither which have ever come. 

“It has affected our family life very badly, having a negative effect on the children, impacting drastically on their mental stability, their ability to focus, form relationships and trust people.

“One member of our family became not only ill but had to be hospitalised. 

“This vulnerable person had no income, and in desperation borrowed money from neighbours, took bank overdrafts and handed over her life savings.”

The family told us promises of payments would take place regularly: “Often he would call up and say, ‘I’m putting the money into your account, I just want to check the account number, please give it to me’, and then you can go to your bank and check your account.  

“When we checked, no money had ever been paid in.

“Some of us have not spoken out because we hope to get our live savings back. But now we don’t think that will ever happen. Lots of money has gone missing and nobody cares.”

We asked Mr Abassi to clarify where the money had been invested. He responded through a solicitor and said he was not at liberty to speak without us ‘identifying the investors’.

The statement read: “Without knowing who they are, our client is unable to comment on how they may have been affected by the liquidation of New Global Investments Limited. 

“Given that New Global Investments Limited is in liquidation, any queries in relation to returns to creditors (or any other matters relating to the company) should be directed to its liquidators. 

“They are authorised to carry out all necessary investigations into the financial affairs of New Global Investments Limited and our client has fully responded to all queries that have been put to him by the liquidators. It is not appropriate for our client to respond to generalised allegations made by unidentified third parties.”

The statement added: “Our client voluntarily provided a disqualification undertaking dated 23 July 2020. His reason for doing this is that at the time his resources (both time and financial) were being directed to defending a private prosecution brought against him. 

“He was successful in having that private prosecution dismissed but he did not have the additional resources necessary to defend disqualification proceedings against him as well. As such, he agreed to provide the disqualification undertaking. He is not prepared to discuss the matter with you any further.”

Private prosecution

Mr Abbasi was the subject of civil proceedings brought against him and his company in the High Court by two brothers, named in court as Asim Siddiqui and Raed Siddiqui. The brothers had sought to recover £4m.

A settlement agreement was reached dated 22 February 2018.

But a year later the claimants looked to proceed with a private prosecution before Westminster Magistrates' Court against Mr Abbasi advancing alleged charges of ‘fraud by false representation and forgery’ and seeking a summons against him.  But this was thrown out by the District Judge who set aside the summons as the earlier settlement agreement had not been disclosed.

A judicial review later found there was ‘no proper ground for setting aside the summons’ and ‘there was a substantial public interest in the trial of these allegations’.