The founder of an estate agency in Birmingham told a court how he had suffered “immense” distress and “devastating” financial losses, after his assistant stole thousands of pounds from his company.
Nin Rehal, the owner of Northwood’s central Birmingham franchise office was out of the office caring for his terminally ill mother, when Hemalatha Jayaprakash, 44, from Great Barr, had betrayed his trust.
Jayaprakash, who he had worked for the agency for 12 years, made dozens of illegal transfers from business and client accounts. She stole huge sums of money despite living in a property worth £1m and simply acted on “pure greed”, Birmingham Crown Court heard. She was caught when accounts were reviewed ahead of the business being sold.
Last week, Jayaprakash was jailed for two years and three months after she admitted fraud by abuse of position. The court heard she had not told her family, including two children, about what she had done.
Rehal said he had to release equity from his family home to support his business and family.
He added: “Meanwhile Mrs Jayaprakash resides in a £1m property, purchased outright in 2018, and benefits from income generated by a portfolio of at least eight rental properties.”
A £26,000 discrepancy was discovered when Rehal sold the business in December 2023 and the accounts were examined, reports Birmingham Live.
It transpired payments had been made to non-existent landlords to the same bank account, which was revealed as Jayaprakash’s account when she submitted an expenses claim. She was suspended in March last year but claimed she had paid £29,000 into the business herself in 2019.
It was established Jayaprakash had actually taken £167,062.68 over 158 transactions between January 2021 and March 2024. She was ultimately dismissed. The court was told Jayaprakash had repaid most of the stolen money, but Rehal said he had not received anything himself because funds had been withheld from the sale of the business.
Richard Davenport, prosecuting, said: “The defendant said she was paying herself back for the money she provided the business in 2019. She also said she had stolen £55,000 and offered to repay the money. That amount was a vast understatement of the amount she had actually stolen.”
In a victim impact statement he drew attention to a £6,480 sum she stole when he was out of office due to his mother dying less than 24 hours earlier. “This is the level of greed and deception and betrayal we are dealing with,” said Rehal.
Samreen Akhtar, defending, said: “This wasn’t committed by a lady living a lavish lifestyle. The money stolen was used to pay for her child’s school fees and sent to relatives in India who had lost their livelihoods (due to flooding). Nevertheless she doesn’t seek to minimise the offences and she is aware the victim is in the public gallery and wishes me to apologise to them through me today.”
Passing sentence, the judge said: “This was a long-running and significant fraud and abuse of trust.” Jayaprakash remained motionless as she was told she was being jailed immediately and would serve up to 40 per cent of the 27-month term in custody.
A Proceeds of Crime Act (POCA) hearing to determine confiscation, costs and compensation was adjourned until 26 August.
Read the orginal article: https://propertyindustryeye.com/estate-agency-boss-suffers-devastating-financial-losses-after-assistant-steals-166k/
