Couple Accused of Stealing Millions from Sixth Form College
A married couple allegedly treated a private sixth-form college they established as their personal 'piggy bank,' misappropriating over £5 million in school fees to fund a lavish lifestyle, a court heard.
A self-styled 'Tiger Mum' and her husband stand accused of embezzling more than £5 million from a private sixth-form college they founded, treating the institution as their personal bank. Yasmin Sarwar, 48, and Nadeem Sarwar, 50, established Cardiff Sixth Form College as a charity before allegedly diverting funds to finance their affluent lifestyle.
Nadeem Sarwar has admitted to stealing £5 million from the college between February 2008 and October 2016. However, his wife, Yasmin Sarwar, a fellow director, denies nine charges of theft and fraud totaling over £5 million during the same period.
Prosecutor Mark Cotter KC told Merthyr Tydfil Crown Court that Yasmin Sarwar began tutoring A-level students before founding the "top-performing" Cardiff Sixth Form College, which garnered "international recognition." The court heard that the couple, originally from Malaysia, registered the college as a charity, allegedly using its accounts as a "personal piggy bank" to fund their "lavish lifestyles."
Mr. Cotter stated that the alleged misappropriation was so extensive that their accountant was unable to produce proper audited accounts. The couple then allegedly hired Ragu Sivapalan, 41, as a "new, less rigorous accountant" who reportedly accepted their financial reporting at face value. Sivapalan has pleaded guilty to causing an auditor's report on company accounts to contain misleading information between January 2013 and July 2016.
Cardiff Sixth Form College began admitting fee-paying international students in 2009 and subsequently achieved significant international recognition as one of the country's top-performing sixth-form colleges. The institution attracted students from around the world, including Albania and China.
The court heard that the Sarwars also recruited family members to serve as trustees on the school's board. The prosecutor described Yasmin Sarwar as an "intelligent and manipulative woman" who was a "willing participant" in the alleged fraudulent activities. He further claimed that she established "sham companies" to divert substantial sums of money overseas after her relationship with her husband deteriorated.
"Yasmin Sarwar was taking money that did not belong to her from the charity and then tried to cover it up," Mr. Cotter told the jury.
Nadeem Sarwar has admitted to stealing £5 million from the college between February 19, 2008, and October 31, 2016. Yasmin Sarwar, of Cyncoed, Cardiff, denies all charges against her. The trial is expected to last ten weeks.
