By . Suzannah Hills . A callous conman who killed lonely millionairess Carole Waugh was today jailed for 27 years for a murder of ‘breathtaking wickedness.’ Rakesh Bhayani, 41, killed the upmarket escort and hid her body before plundering her life savings and attempting to sell her Marble Arch flat. Together with Nicholas Kutner, 48, he used female impersonators to try and strip every asset Ms Waugh had ever owned in the hopes of hitting a ‘million pound jackpot.’ Sentencing: Rakesh Bhayani, 41, pictured left, has been jailed for 27 years at the Old Bailey for the murder of Carole Waugh, 49, pictured right . Her furniture and jewellery were sold . and her bank accounts were emptied out by the pair. They also stole her . identity and managed to defraud banks and other institutions of more . then £250,000. The Old . Bailey heard how the pair blew the money on posh hotels, prostitutes . and gambling - with Bhayani losing £200,000 at the roulette tables in . London’s West End within just a few weeks. It . was only when the pair tried to sell Ms Waugh's flat for £750,000 with . Kutner posing as Miss Waugh’s brother Chris that they were caught by . police. The jury found Bhayani guilty of murder and he admitted fraud and perverting the course of justice. Kutner . was cleared of murder but convicted of perverting the course of justice . by helping to cover up the killing. He also admitted fraud. Mr Justice Wilkie jailed Bhayani for life with a minimum recommendation of 27 years and ordered Kutner to serve 13 years. He said the murder and . subsequent dumping of the body was done with 'greed, callousness and . total lack of any regard' for Ms Waugh. Co-accused: Nicholas Kutner, 48, was jailed for a total of 13 years for perverting the course of justice by concealing the death of Ms Waugh and conspiracy to defraud . Justice Wilkie told Bhayani: 'Then . without a second thought, I am perfectly satisfied you and Kutner . calmly set about stealing her identity, using it to defraud banks and . other institutions. ‘You took steps to ensure her body would not be . found for a sufficient time, not only to give you the best chance of . avoiding detection but also to enable you to continue to embark on asset . stripping. ‘You . Kutner assisted and encouraged all in this in order to ensure that the . flow of gold from the plundered Carole Waugh estate would not stop to it . was all gone.' Ms Waugh had worked in the oil . industry in Libya and had invested money in her property, a shares portfolio and savings account. She was wealthy enough to keep £30,000 in her current account and was generous and trusting with friends. Ms Waugh met Bhayani in 2008 and the pair became casual lovers. She loaned him £12,000 which he claimed was for ‘treatment’ for his gambling problem and then another £40,000. The court heard how Bhayani killed Ms Waugh, 49, at her flat in Marylebone, central London, after a row about money. Her body was placed in a bag which was carried to a car. The vehicle was initially stored in a central London car park, then left in a rented garage in New Malden, south-west London. The court heard Kutner was in the flat when Bhayani . murdered Ms Waugh and was then on board with the actions to conceal her . death and thwart the investigation into her murder. The judge said Bhayani was the . 'instigator and chief organiser of the fraud' but both men spent Ms . Waugh’s money on 'hotels, casinos and escorts'. The judge said Bhayani’s actions in persisting with the fraud after killing Ms Waugh were 'breathtakingly wicked'. Captured: Rakesh Bhayani is pictured withdrawing money from Carole Waugh's bank account . 'Your compulsion to feed your . addictions to risk-taking and gambling and your amorality and . selfishness overwhelmed any notion of decency or restraint,' he added. Referencing . the two men’s previous convictions, Mr Justice Wilkie said the men had . an 'appalling record' for offences of dishonesty. Before . the sentencing, a statement from Ms Waugh’s family was read out in . which she was described as 'loving, supportive and great fun'. The . statement, signed by her brother, Christopher Waugh, spoke of the . 'disbelief, dismay, darkness' as the family had to 'face our worst . fears' in the wake of the murder. The court heard that five days after Ms Waugh’s funeral, her mother collapsed and later died 'broken-hearted', unable to understand how and why the tragic events unfolded. The statement said: 'She was loving, supportive and great fun. Her home visits were memorable. 'She always had great stories to tell. She turned these stories into adventures. 'For Mum, who rarely ventured out of the county of Durham, these stories were an insight not only into Carole’s life, but into the world as a whole. London, Libya, Australia, Italy, Dubai (to name but a few) were all brought to life by Carole. 'We all looked forward to Carole’s visits, especially Mum. They would plan shopping trips - nothing special but real quality time between a mother and a daughter. Millionairess Carole Waugh was stabbed to death in her flat and her body hidden in the boot of a car . 'Happy days indeed,' the statement said. Speaking . after the sentencing, Mr Waugh said the two men jailed today were . 'greedy, evil conmen who don’t have a shred of decency between them'. He . added: 'They will sleep easily in their beds as they showed no remorse . at all. I just can’t envisage any human being treating another human . being like that.' Detective Chief Inspector Justin Davies, of the Homicide and Major Crime Command (HMCC), said Ms Waugh’s murder was 'the senseless killing of a woman who put her trust in people she thought were her friends'. He said: 'Bhayani clearly had no intention of friendship with Carole. 'Bhayani is a confidence trickster who murdered her and stripped her assets and the belongings she had worked hard for. 'Both men are compulsive liars who have deceived and defrauded their own families, friends and acquaintances throughout their entire adult lives. They went to extreme lengths to defraud Carole. 'Her body was placed in a boot of a . car and left for months in car parks and a lock-up garage. Both men did . not waste any time in spending her money, using it to buy gold, use . prostitutes and live a champagne lifestyle. 'While . Carole’s body lay undiscovered, they showed no regard for her family, . who they knew were desperately seeking to trace her. The crime scene in New Malden, south west London where Miss Waugh's body was discovered . 'Ms Waugh was a wealthy woman; her years of hard work both in the UK and abroad were squandered in matter of three months. 'They took almost everything she worked for with exception of two bracelets which remained on her body. These were difficult to prise off her wrists and I have no doubt, if able to, they would have taken these items too.' Jenny Hopkins, London deputy chief crown prosecutor, said: 'Carole Waugh was the victim of a cruel and callous plot to take her money during which she tragically lost her life. 'Rakesh Bhayani was a compulsive gambler who would bet, and lose, thousands of pounds at a time. He met Carole in 2008 and from then on she lent him various sums of money. 'In return for her generosity and kindness Bhayani plotted with Nicholas Kutner a complex fraud to steal her assets. 'After Bhayani brutally murdered Carole in April 2012, he and Kutner then proceeded to cynically conceal her death in furtherance of their plan to defraud her estate. They worked together to dispose of her body and to clean and remove her belongings from her flat. 'Kutner even posed as Carole’s brother, Chris, in order to try to rent and sell her £650,000 central London flat. 'We hope the convictions today give some small comfort to Carole Waugh’s family. Our thoughts are with them at this time.'
Carole Waugh was stabbed in the neck in her Marylebone flat, London .
Rakesh Bhayani has been jailed for 27 years at the Old Bailey for murder .
Co-accused Nicholas Kutner was jailed for a total of 13 years for perverting the course of justice by concealing the death and conspiracy to defraud .
Two conmen used .
Ms Waugh's identity to defraud banks and other institutions of more than £250,000 worth of assets .
By . Suzannah Hills . A callous conman who killed lonely millionairess Carole Waugh was today jailed for 27 years for a murder of ‘breathtaking wickedness.’ Rakesh Bhayani, 41, killed the upmarket escort and hid her body before plundering her life savings and attempting to sell her Marble Arch flat. Together with Nicholas Kutner, 48, he used female impersonators to try and strip every asset Ms Waugh had ever owned in the hopes of hitting a ‘million pound jackpot.’ Sentencing: Rakesh Bhayani, 41, pictured left, has been jailed for 27 years at the Old Bailey for the murder of Carole Waugh, 49, pictured right . Her furniture and jewellery were sold . and her bank accounts were emptied out by the pair. They also stole her . identity and managed to defraud banks and other institutions of more . then £250,000. The Old . Bailey heard how the pair blew the money on posh hotels, prostitutes . and gambling - with Bhayani losing £200,000 at the roulette tables in . London’s West End within just a few weeks. It . was only when the pair tried to sell Ms Waugh's flat for £750,000 with . Kutner posing as Miss Waugh’s brother Chris that they were caught by . police. The jury found Bhayani guilty of murder and he admitted fraud and perverting the course of justice. Kutner . was cleared of murder but convicted of perverting the course of justice . by helping to cover up the killing. He also admitted fraud. Mr Justice Wilkie jailed Bhayani for life with a minimum recommendation of 27 years and ordered Kutner to serve 13 years. He said the murder and . subsequent dumping of the body was done with 'greed, callousness and . total lack of any regard' for Ms Waugh. Co-accused: Nicholas Kutner, 48, was jailed for a total of 13 years for perverting the course of justice by concealing the death of Ms Waugh and conspiracy to defraud . Justice Wilkie told Bhayani: 'Then . without a second thought, I am perfectly satisfied you and Kutner . calmly set about stealing her identity, using it to defraud banks and . other institutions. ‘You took steps to ensure her body would not be . found for a sufficient time, not only to give you the best chance of . avoiding detection but also to enable you to continue to embark on asset . stripping. ‘You . Kutner assisted and encouraged all in this in order to ensure that the . flow of gold from the plundered Carole Waugh estate would not stop to it . was all gone.' Ms Waugh had worked in the oil . industry in Libya and had invested money in her property, a shares portfolio and savings account. She was wealthy enough to keep £30,000 in her current account and was generous and trusting with friends. Ms Waugh met Bhayani in 2008 and the pair became casual lovers. She loaned him £12,000 which he claimed was for ‘treatment’ for his gambling problem and then another £40,000. The court heard how Bhayani killed Ms Waugh, 49, at her flat in Marylebone, central London, after a row about money. Her body was placed in a bag which was carried to a car. The vehicle was initially stored in a central London car park, then left in a rented garage in New Malden, south-west London. The court heard Kutner was in the flat when Bhayani . murdered Ms Waugh and was then on board with the actions to conceal her . death and thwart the investigation into her murder. The judge said Bhayani was the . 'instigator and chief organiser of the fraud' but both men spent Ms . Waugh’s money on 'hotels, casinos and escorts'. The judge said Bhayani’s actions in persisting with the fraud after killing Ms Waugh were 'breathtakingly wicked'. Captured: Rakesh Bhayani is pictured withdrawing money from Carole Waugh's bank account . 'Your compulsion to feed your . addictions to risk-taking and gambling and your amorality and . selfishness overwhelmed any notion of decency or restraint,' he added. Referencing . the two men’s previous convictions, Mr Justice Wilkie said the men had . an 'appalling record' for offences of dishonesty. Before . the sentencing, a statement from Ms Waugh’s family was read out in . which she was described as 'loving, supportive and great fun'. The . statement, signed by her brother, Christopher Waugh, spoke of the . 'disbelief, dismay, darkness' as the family had to 'face our worst . fears' in the wake of the murder. The court heard that five days after Ms Waugh’s funeral, her mother collapsed and later died 'broken-hearted', unable to understand how and why the tragic events unfolded. The statement said: 'She was loving, supportive and great fun. Her home visits were memorable. 'She always had great stories to tell. She turned these stories into adventures. 'For Mum, who rarely ventured out of the county of Durham, these stories were an insight not only into Carole’s life, but into the world as a whole. London, Libya, Australia, Italy, Dubai (to name but a few) were all brought to life by Carole. 'We all looked forward to Carole’s visits, especially Mum. They would plan shopping trips - nothing special but real quality time between a mother and a daughter. Millionairess Carole Waugh was stabbed to death in her flat and her body hidden in the boot of a car . 'Happy days indeed,' the statement said. Speaking . after the sentencing, Mr Waugh said the two men jailed today were . 'greedy, evil conmen who don’t have a shred of decency between them'. He . added: 'They will sleep easily in their beds as they showed no remorse . at all. I just can’t envisage any human being treating another human . being like that.' Detective Chief Inspector Justin Davies, of the Homicide and Major Crime Command (HMCC), said Ms Waugh’s murder was 'the senseless killing of a woman who put her trust in people she thought were her friends'. He said: 'Bhayani clearly had no intention of friendship with Carole. 'Bhayani is a confidence trickster who murdered her and stripped her assets and the belongings she had worked hard for. 'Both men are compulsive liars who have deceived and defrauded their own families, friends and acquaintances throughout their entire adult lives. They went to extreme lengths to defraud Carole. 'Her body was placed in a boot of a . car and left for months in car parks and a lock-up garage. Both men did . not waste any time in spending her money, using it to buy gold, use . prostitutes and live a champagne lifestyle. 'While . Carole’s body lay undiscovered, they showed no regard for her family, . who they knew were desperately seeking to trace her. The crime scene in New Malden, south west London where Miss Waugh's body was discovered . 'Ms Waugh was a wealthy woman; her years of hard work both in the UK and abroad were squandered in matter of three months. 'They took almost everything she worked for with exception of two bracelets which remained on her body. These were difficult to prise off her wrists and I have no doubt, if able to, they would have taken these items too.' Jenny Hopkins, London deputy chief crown prosecutor, said: 'Carole Waugh was the victim of a cruel and callous plot to take her money during which she tragically lost her life. 'Rakesh Bhayani was a compulsive gambler who would bet, and lose, thousands of pounds at a time. He met Carole in 2008 and from then on she lent him various sums of money. 'In return for her generosity and kindness Bhayani plotted with Nicholas Kutner a complex fraud to steal her assets. 'After Bhayani brutally murdered Carole in April 2012, he and Kutner then proceeded to cynically conceal her death in furtherance of their plan to defraud her estate. They worked together to dispose of her body and to clean and remove her belongings from her flat. 'Kutner even posed as Carole’s brother, Chris, in order to try to rent and sell her £650,000 central London flat. 'We hope the convictions today give some small comfort to Carole Waugh’s family. Our thoughts are with them at this time.'
jailed for 27 years for a murder of ‘breathtaking has been jailed for 27 years at the Old Bailey to defraud banks and other institutions of more . regard' for Ms Waugh. Co-accused: Nicholas Kutner, 48, was jailed for a total of 13 years for perverting the course of justice by concealing the death of Ms Waugh and conspiracy Kutner was in the flat when Bhayani . murdered Ms Millionairess Carole Waugh was stabbed to death