An award-winning financial adviser has admitted masterminding a £2.6 million fraud by convincing clients that he was investing their money in property in India. Alok Dhanda, 53, conned 37 investors including one woman who lost £258,000 when his scheme collapsed. Newcastle Crown Court heard that Dhanda, of Gosforth, Newcastle admitted 24 charges of fraud, having previously admitted similar charges at an earlier hearing. Alok Dhanda, pictured, admitted masterminding a £2.6 million fraud in Newcastle . Dhanda, right, told his victims that he was investing their funds in property schemes in India . The father-of-two appeared in court via video-link, where he had been previously remanded in custody. Dhanda, who won the title of independent financial adviser of the year in 2006 and was runner up twice, will be sentenced on December 19. Mr Recorder Nicholas Lumley QC gave no indication what the likely sentence would be at the next hearing and remanded Dhanda in custody in the meantime. The judge said: 'The fact is, fraudulently he obtained £2.6m. 'To sustain the fraud he gave a small portion of that back to other people.' Proscutor James Adkin told the court: 'There are some 37 victims on two indictments. 'This is a serious case. It is a case which will have public interest in Tyneside.' Sailesh Mehta, defending, said Dhanda did not pocket the entire £2.6m as some of the cash was on a 'merry go round' from one victim to another, to keep the scam going. Several of Dhanda's victims packed the public gallery during the short hearing. According to his Linkedin profile, Dhanda's interests include golf, skiing and watching Newcastle United .
Alok Dhanda told his victims he was investing in Indian property .
One female victim lost out on £258,000 when the scheme finally collapsed .
The 53-year-old admitted 24 charges of fraud at Newcastle Crown Court .
The father-of-two has been remanded in custody until December 19 .
An award-winning financial adviser has admitted masterminding a £2.6 million fraud by convincing clients that he was investing their money in property in India. Alok Dhanda, 53, conned 37 investors including one woman who lost £258,000 when his scheme collapsed. Newcastle Crown Court heard that Dhanda, of Gosforth, Newcastle admitted 24 charges of fraud, having previously admitted similar charges at an earlier hearing. Alok Dhanda, pictured, admitted masterminding a £2.6 million fraud in Newcastle . Dhanda, right, told his victims that he was investing their funds in property schemes in India . The father-of-two appeared in court via video-link, where he had been previously remanded in custody. Dhanda, who won the title of independent financial adviser of the year in 2006 and was runner up twice, will be sentenced on December 19. Mr Recorder Nicholas Lumley QC gave no indication what the likely sentence would be at the next hearing and remanded Dhanda in custody in the meantime. The judge said: 'The fact is, fraudulently he obtained £2.6m. 'To sustain the fraud he gave a small portion of that back to other people.' Proscutor James Adkin told the court: 'There are some 37 victims on two indictments. 'This is a serious case. It is a case which will have public interest in Tyneside.' Sailesh Mehta, defending, said Dhanda did not pocket the entire £2.6m as some of the cash was on a 'merry go round' from one victim to another, to keep the scam going. Several of Dhanda's victims packed the public gallery during the short hearing. According to his Linkedin profile, Dhanda's interests include golf, skiing and watching Newcastle United .
property in India. Alok Dhanda, 53, conned 37 when his scheme collapsed. Newcastle Crown Court admitted 24 charges of fraud, having previously told his victims that he was investing their where he had been previously remanded in custody.