Tariq Sarwar, 59, of Alderley Edge in the affluent ‘golden triangle’ of Cheshire, fraudulently transferred more than £3m from the sale of a Salford commercial property, while Christopher Francis, 40, of Luton, laundered the money through a network of accounts and companies, returning the funds to Sarwar in a circular fraud with creditors losing out, including HMRC.

Following an investigation by the Insolvency Service, Sarwar and Francis have now been sentenced at Manchester Crown Court. Sarwar was jailed for four years and banned as a company director for 10 years, adding to an existing disqualification issued in 2013.