Barclays scrutinised over £13.9 million scandal

In a shocking turn of events, Scott Dylan and David Antrobus, business partners previously based in Salford, have been found guilty of exploiting the banking system, channelling an astonishing £13.9 million in unauthorised overdrafts through their companies. Their actions resulted in significant repercussions, including freezing orders from Barclays and legal punishments that could have lasting impacts. A recent ruling by the High Court barred both men from serving as company directors for a combined total of 23 years, effective from Christmas Day.

The misuse of bank resources began in spring 2021 when the pair opened bank accounts for their companies, initially known as FT (OPS) Limited and Fresh Thinking Group Limited. Over the course of several months, they permitted substantial transfers between 10 connected companies into the accounts of Oldcoft Ltd, facilitated by unarranged overdrafts with Barclays. According to Victoria Edgar, Chief Investigator at the Insolvency Service, the duo exploited the banking system to allow £13.9 million to move through their companies, leaving behind insolvencies worth more than £52 million.

Dylan, described by the judge as the "driving force," received £1.675 million directly, while nearly €1.8 million was allegedly sent to a family member for a purported hotel purchase in Turkey. The judge condemned their activities as "little short of a scam," asserting there was "no legitimate purpose" for the removal of the funds. As a result of their fraudulent behaviour, both men were sentenced to 22 months in prison for contempt of court after failing to comply with the court's freezing orders.

Despite the significant financial improprieties, the fallout from Dylan and Antrobus’s actions extended beyond imprisonment. The consequences also included the winding up of their companies, with Oldcoft Ltd found to owe £44 million, including £13.7 million to Barclays. Both partners acted irresponsibly, breaching freezing orders and moving company assets to offshore jurisdictions without notifying the bank. Dylan's previous disqualifications and Antrobus's failure to maintain proper accounting records only compounded their legal troubles. As they face the consequences of their actions, the broader question remains: how did Barclays allow this serious misconduct to occur unnoticed? 

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