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Bankrupt faces prison and blames loan sharks for missing £50,000

Tuesday, 4th December 2012

Zeki Boztepe petitioned his bankruptcy on 23rd September 2008 and at his interview with the Official Receiver (OR) said that he had borrowed approximately £18,000 from three private creditors but the interest they charged had resulted in his having to repay between £30,000 and £35,000.

However in a subsequent investigation into his affairs it was discovered that prior to his petition he had withdrawn a total of £47,500 from banks and on credit cards, which he then said he had used for living expenses and to pay his creditors who he claimed were making threats. He also claimed that having repaid £42,500 to the loan sharks, he had no choice but to borrow more money on his credit cards to pay for living expenses.

When asked by the authorities for details of his creditors he refused, saying he feared for his family’s safety.

The prosecution claimed that Mr Boztepe’s account of events was not true and questioned why someone like him, who had access to significant credit facilities from ordinary banks and credit cards, would first turn to loan sharks.

Mr Boztepe was sentenced to four months imprisonment suspended for 12 months, 140 hours of unpaid work and ordered to pay costs of £2,500 within 12 months.

Deputy Chief Investigation Officer Liam Mannall from the Department for Business, Innovation and Skills said:

“Individuals who borrow money and then resort to the protection of bankruptcy have a duty to give a truthful explanation to the Official Receiver as to how the money was spent. Mr Boztepe chose not to do so; as a result he now has a criminal conviction and could go to prison. This should be a warning to others considering similar actions.”

DebtWizard comment

Who says crime doesn’t pay? Think about it, he has NOT gone to jail, it is suspended for 12 months, so where is the money?

You either believe him or follow the line of the prosecution; he had access to High Street Banks for credit but chose to use loan sharks and would not release details of who they were.

I make that £130.49 a day, or £4,000 a month tax free for every month of his 12 months suspended sentence.  Who’s the winner here?

Full press release from The Insolvency Service here.

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