Tag: bank

Benefits fraudster had £90,000 in the bank

A FRAUDSTER claimed over £30,000 in benefits – despite having a nest egg of more than £90,000 in 26 separate bank accounts, a court was told.

 

Inam Ul-Haq, of Walsall, West Midlands, falsely claimed income support over a period of five years.

 

Nayan Patel, prosecuting, said the 46-year-old had made a legitimate claim for income support in May 1996 on the basis that he was unable to work due to ill health.

 

Walsall Magistrates Court heard on Monday that he was only entitled to claim the benefit if he did not have capital exceeding GBP16,000.

 

The claim became fraudulent in August 2003, and he was still falsely claiming benefits until August 2008.

 

It came to light that he had access to 26 different bank accounts which had contained cash totalling around GBP91,000.

 

During an investigation led by the Department for Work and Pensions, Ul-Haq was quizzed about the cash in the bank accounts.

 

Mr Patel, prosecuting on behalf of the Department for Work and Pensions, said he was overpaid GBP31,116.06.

 

He added: “There was a condition to notify the Department for Work and Pensions if there was any change in circumstances.

 

“He claimed the money belonged to his father-in-law and he was holding onto it.”

 

During his appearance at court on Monday, Ul-Haq, represented by Julian Derry, admitted one charge of failing to notify the Department for Work and Pensions of a change in circumstances.

 

Mr Patel said the case was deemed too serious for magistrates and it was committed to Wolverhampton Crown Court, where Ul-Haq is due to be sentenced on January 17.

 

He said Ul-Haq would also be taken to a proceeds of crime hearing in a bid to recover the money he had falsely received. He was given unconditional bail.

Plans for worlds first green investment bank

The Business Secretary set out this week, his vision for the Green Investment Bank (GIB) as a new and enduring institution to complement existing green policies.

Vince Cable published a progress report on the GIB setting out more detail on its governance and business model.

The GIB’s mission will be to accelerate private sector investment in the UK’s transition to a green economy. It will play a vital role in addressing market failures which are holding back private sector investment.

Sectors likely to be eligible for intervention initially include offshore wind, non-domestic energy efficiency and waste. Work is ongoing to explore other sectors which will change over time.

Its initial remit will be to focus on green infrastructure assets and on the twin objectives of achieving significant green impact and making financial returns.

As the bank will need to be approved by the European Commission before it can be established, there will be a phased approach. Once it has been agreed, the GIB will be enshrined in legislation confirming its independent status as an enduring institution with a key public role.

In order to make rapid progress, the Government will make direct, state-aid compliant investments in green infrastructure projects from April 2012 until these investments can be transferred to the GIB.

The Business Secretary is also setting up an advisory group to provide strategic direction of the GIB. Today we can announce that Sir Adrian Montague will chair this group of independent finance experts.

Vince Cable said: “This is an opportunity for the UK to lead the way in the transition to a low carbon economy with the world’s first dedicated Green Investment Bank.

“The GIB will become a key component of this transition which needs significant investment over the coming decades.

“I’m delighted that Sir Adrian Montague has agreed to chair the advisory group. He has a wealth of experience that will help with the strategic direction of the GIB.”

Sir Adrian Montague, chair of the advisory group said: “The Green Investment Bank is a genuinely radical innovation. The keys to the GIB’s success are going to be precise targeting and brilliant execution.

“It is both a privilege, and an irresistible opportunity, to have been asked by the Secretary of State to chair the new institution’s Advisory Board. My first task is to advise on the membership of the Advisory Board. The GIB needs the best people in order to get off to a flying start.”