Dundee businessman jailed over £25m fraud made bankrupt

Former DJ, marketing consultant, pop promoter and nightclub boss Shahid Ramzan was sequestrated at Hamilton Sheriff Court.

A spokesperson for the court confirmed that the sequestration action was raised by H & H Properties of Dundee.

They said: “This action was raised by Baillies Solicitors of Dundee on behalf of H & H Properties.

“The sequestration was granted at Hamilton on November 14.”

A spokesman for the Accountant in Bankruptcy (AIB) confirmed that Mr Ramzan was sequestrated but could give no further details.

Ramzan is currently serving a nine-year prison sentence after being found guilty of hiding criminal property worth more than £20 million in 2012.

He had claimed to be an entrepreneur buying and selling mobile phones but, after a marathon trial, he was found guilty of carousel fraud and money-laundering.

The jury heard that Ramzan, who had a bit-part in the Ken Loach film Ae Fond Kiss, began trading from a bedroom in Broughty Ferry’s Cortachy Crescent with only a phone, a fax machine and a computer.

Prosecutors claimed his activities were merely a cover for exploiting loopholes in VAT regulations.

Ramzan, who had a bit-part in the Ken Loach film Ae Fond Kiss, also set up front firms as a way of exporting the proceeds of his activities out of Scotland.

The companies were legally Spanish and had addresses in Barcelona and Madrid on the stationery although he operated from Dundee with bank accounts in Kilmarnock.

It is understood he is currently at Castle Huntly outside Dundee, having also served part of his sentence at Shotts Prison in Lanarkshire.

Ramzan was also jailed for cheating the taxman out of more than £5 million.

He appealed against that conviction but it was rejected at the Court of Appeal in Edinburgh in January last year.