Forty-three-year-old Nipan Malde pleaded guilty to defrauding Investec through 10 counts of obtaining a money transfer by deception, according to the Times.
Malde was reportedly motivated by a desire to create a new Hare Krishna Centre in South Norwood, London.
Anthony Arlidge, QC for the defence, said: ‘This was a man who wanted to try and raise considerable sums of money for this religious organisation…His own lifestyle was relatively simple – there was no question of extravagant living.’
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