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Former adviser pleads guilty to 24 fraud counts

Former financial adviser Alok Dhanda has pleaded guilty to 24 counts of fraud at Newcastle Crown Court, obtaining in total £2.6m from 37 victims.

The court heard investors believed they were investing in a property venture in India, however Mr Dhanda used the money to pay off his own gambling debts.

He entered the guilty plea at Newcastle Crown Court on Friday (28 November), having already admitted 13 counts of fraud on 22 September. Sentencing is due on 19 December.

In April, Mr Dhanda pleaded not guilty to allegedly taking £600,000 from investors to repay his own gambling debts between January 2011 and November 2013.

He ran advice firm Dhanda Financial until August 2013, holding several different permissions through Tenet, before working at Truly Independent from September to November 2013.

Mr Dhanda is listed as inactive on the Financial Services Register.

peter.walker@ft.com